INDIANAPOLIS (AP) — Indiana House Republicans are proposing an extensive list of business and individual tax cuts even as the state’s Republican governor and state Senate have been cautious about taking major action this year.

The House proposal would cut the state’s current individual income tax rate of 3.23% over the next four years to 3.0%.

That could reduce state tax collections by an estimated $500 million a year when fully implemented in 2026.

The plan also proposes cuts in several business taxes, potentially cutting those tax bills by between $700 million and $850 million a year.

Holcomb and top Senate Republicans say they are worried about inflation and a possible economic slowdown.