by Rex Sinquefield, Forbes.com contributor
Last week, the Indiana state legislature passed further reductions in corporate business tax rates that, within eight years, will establish the Hoosier State as having the lowest business tax rate in the country. Indiana Governor Mike Pence has said that he plans to sign it into law. The bill will lower the corporate income tax rate each year through 2022, when the 4.9% rate will become the lowest corporate rate in the U.S. It also provides three options for local governments to lower the business personal property tax.
This is good news for Indiana, which is rapidly becoming a pro-growth model for states that are looking for ways to compete for employers, jobs, and tax revenues. Smart fiscal policies are improving the lives of workers across the state. Indiana now creates one out of every ten new jobs in America and actually rebates surplus funds to its taxpayers.