INDIANAPOLIS (AP) — Indiana Gov. Eric Holcomb is proposing a tax cut for some businesses that is decidedly less ambitious than what many of his fellow Republicans want to seek during the new legislative session.
Holcomb on Monday continued his cautious approach toward state finances ahead of legislators returning to the Statehouse for Tuesday’s start of the 2022 session.
Projected booming growth in the state’s budget surplus has some GOP lawmakers talking about possible individual income tax cuts that could cost hundreds of millions of dollars.
Holcomb said he had concerns such as inflation and a possible slowdown in sales tax revenue as federal COVID-19 relief payments end.