The latest work from our local lawmakers was touted at the Chamber of Commerce Friday. The group gathered briefly to reflect on what was accomplished at the statehouse this year. Business personal property tax continues to be a topic of interest.
It will be studied and likely brought up again. The General Assembly decided to put together a committee to study the issue this summer.
It will assess whether a bill that exempts new investments from business personal property taxes will really create jobs and how the revenue lost, will be replaced.
Right now it's estimated that local government units would lose one billion dollars in revenue.
The governor has been vague about what source of revenue would be used to replace those dollars.
That is why the issue will be studied this summer.
State Senator John Broden of South Bend says, “I'm opposed to the elimination of the business personal property tax. One, this would be another property tax cut for business that comes on the heels of the property tax caps, which is going largely to businesses. My biggest fear is that it would be shifted onto hard-working individuals already working with the high local tax burden.”
If the bill passes it would be the second lowest corporate income tax in the country.