Indiana lawmakers considering bill aimed at helping businesses save on federal taxes

Published: Jan. 18, 2023 at 6:02 PM EST
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INDIANAPOLIS (WNDU) - Indiana lawmakers are considering a bill that could result in federal tax savings for Hoosier businesses.

Senate Bill 2 aims to reduce federal tax burdens on businesses. If passed, it would provide a state and local tax deduction — something the Indiana Chamber of Commerce says will be a big help.

“It’s very important to our small businesses,” says Indiana Chamber President/CEO Kevin Brinegar. “Indiana is a small business state. We’re not really a corporate headquarters state. So, the vast, vast majority in Indiana are pass-through entities that would be able to take advantage of this new taxing arrangement under Senate Bill 2.”

The Indiana Chamber says Senate Bill 2′s approval could provide an estimated $50 million in tax savings for businesses in Indiana.