March 14, 2014
The 2014 legislative session has adjourned with House Republicans continuing their track record of delivering on the promises they set in their legislative agenda.
Prior to the start of session, House Speaker Brian C. Bosma (R-Indianapolis), joined by members of the House Republican Caucus, presented Indiana: Working on Progress, where they outlined five key concepts as their agenda for the 2014 legislative session.
Cutting Taxes (SEA 1)
Indiana has one of the top, pro-business tax climates, but taxing capital investment puts Indiana at a competitive disadvantage with other states. Compared to other Midwestern states, Indiana has the highest effective business personal property tax rate. House Republicans championed options geared towards making Indiana and its local communities as competitive as possible in attracting new jobs and new business investment to the state. SEA 1 allows counties the opportunity to decide whether to exempt new investments on business equipment from the personal property tax, to grant a small business exemption and to give extended abatement to selected projects. The legislation also draws the state’s corporate income and financial institutions tax rate to 4.9 percent. When phased in, Indiana will have the second lowest corporate income tax rate in the nation.
“Indiana must continue to be innovative and look for every opportunity to stay ahead of the competition. Lower taxes are a proven incentive to attract business investment. By providing counties additional options to attract new jobs, our state’s economy will be stronger,” said Bosma.
Connecting Crossroads to Communities (HEA 1002)
Having a superior, statewide transportation system is crucial to Indiana’s economy and future growth. In 2013, over $500B in goods traveled on Indiana roadways. Increasing our investment in roads directly provides job opportunities. HEA 1002 provides for an additional $400M in state funds to be allocated to major highway lane projects.
Speaker Bosma stated, “Our fiscal integrity has put us in a position where we are able to provide a transfer of up to $400M to improve and expand our state’s major highway infrastructure, which will allow our state to leverage up to $1.6 billion for road expansions through federal dollars. This legislation will create tens of thousands of new jobs for Hoosiers.”
Equipping our Workforce (HEA 1003)
More than 930,0o0 Hoosiers – one-third of Indiana’s workforce – lack the most basic skills needed for today’s economy. House Republicans addressed the skills gap by providing additional incentives to employers who partner with education institutions to provide internships in high wage, high demand jobs.
“We have focused over the past decade on creating the best business environment in the Midwest through policies that encourage and incentivize companies from all over the world to relocate and grow in Indiana,” said Speaker Bosma. “We must continue to ensure we have a workforce that will meet the needs of a globally dynamic marketplace.”
Preparing Kids for their Careers (HEA 1004)
Children who aren’t ready for kindergarten are half as likely to read proficiently by third grade, and children who aren’t reading proficiently by third grade are four times more likely to drop out of high school. In 2013, House Republicans initiated a small step towards addressing this issue through an investment in high quality preschool programs. This year, House Republicans achieved their goal of a preschool pilot program that will fund low-income students who attend a high quality program. The program is limited to families at 127 percent of the federal poverty level and below.
“There is no doubt that a high quality education provides the foundation of a child’s education. A solid educational foundation provides a child with limitless career opportunities in the future,” said Speaker Bosma.
Stopping Burdensome Regulations (HEA 1005)
Speaker Bosma established the Government Reduction Committee in 2010 to better protect Hoosier taxpayers. As a result of this committee’s work to have a leaner, more efficient state government, 40 boards and commissions along with over 400 appointments have been eliminated. House Republicans continued this initiative through legislation to eliminate duplicative code, red tape and layers of bureaucracy.
“Indiana must continue to stand as a prime example of how government can – and should – function. Smaller government is a better government,” said Speaker Bosma.