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Indiana senator proposes gradually lowering state income tax, aiming for 2.9% by 2027, amid mixed impacts.
Indiana Senator Travis Holdman proposes lowering the state's income tax rate to 2.9% by 2027, with further reductions of 0.05% every even-numbered year starting in 2030, contingent on state revenue growth of at least 3%.
The General Assembly can halt these reductions.
This could save a $100,000 household $50 annually but cost the state hundreds of millions in revenue.
The Indiana Chamber of Commerce and Manufacturers Association support the bill, citing a competitive tax climate.
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Senador de Indiana propone reducir gradualmente el impuesto estatal a la renta, apuntando a un 2,9% para 2027, en medio de impactos mixtos.