Governor Mike Pence signed several tax bills on Tuesday including SEA 111 which protects Indiana farmers from unanticipated increases in their property taxes. The measure, authored by State Senators Jean Leising, Brandt Hershman, and Douglas Eckerty, provides that the soil productivity factors used for the March 1, 2011, assessment of agricultural land must be used for the March 1, 2014, assessment date and specifies that new soil productivity factors shall be used for assessment dates occurring after March 1, 2014. Without this legislation, farmers would have seen a sizeable increase in their property tax assessments this year.
Other Tax Bills signed by the Governor include:
SEA 1 provides counties with new tools to attract job creators by reforming the business personal property tax at the local level. Counties will have the option of eliminating the tax on new investment, offering specific companies an extended abatement of the tax, or exempting small businesses with less than $20,000 in business personal property from the tax entirely. SEA 1 also establishes a comprehensive study commission to look at business taxation broadly.
HEA 1035, IEDC will conduct a data-driven study on how Indiana’s regional cities can attract new investment to make them more attractive places to locate new enterprises and attract talented entrepreneurs. IEDC also will assess the best private sector financing mechanisms to ensure long-term sustainability.
HEA 1198, which eases the requirements for entrepreneurs to start and grow their business by mandating executive agency participation in the Business One Stop online portal.
SEA 375, which allows new fundraising tools for entrepreneurs including online crowdfunding.
SEA 421, which cuts red tape and unnecessary licensing requirements for Indiana employers.
“The legislation signed today will strengthen our competitive edge to attract new businesses and good-paying jobs to our state,” said Governor Pence. “We are in a national and global competition for jobs and these important reforms will improve our pro-business tax environment and bring good jobs for Hoosiers.”