Gov. Holcomb signs gradual income tax cut plan into law

Mar 17, 2022 · The governor’s office announced Wednesday that Holcomb had signed the bill approved by legislators last week that will reduce the state’s current income tax rate of 3.23% …

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Gov. Holcomb Signs Gradual Income Tax Cut Plan Into Law

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Mar 17, 2022 · The governor’s office announced Wednesday that Holcomb had signed the bill approved by legislators last week that will reduce the state’s current income tax rate of 3.23% …

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Gradual Indiana Income Tax Cut Plan Signed By Governor

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Mar 16, 2022 · The governor’s office announced Wednesday that Holcomb had signed the bill approved by legislators last week that will reduce the state’s current income tax rate of 3.23% …

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Indiana Bill Tracker: Senate OKs Income Tax Cut, Parental Rights Bill ...

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3 days ago · What it does: The bill would further decrease Indiana’s individual income tax rate if state revenues grow by more than 3% compared to previous years. Status : The bill …

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FAQs about Gov. Holcomb signs gradual income tax cut plan into law Coupon?

Will Indiana cut its income tax rate?

INDIANAPOLIS (AP) — A plan for gradually cutting Indiana’s individual income tax rate over the next seven years has been signed into law by Gov. Eric Holcomb, the governor’s office announced Wednesday. ...

Does Indiana have a tax cut in 2022?

Lawmakers passed a tax cut package in 2022, which included gradually reducing the individual income tax rate down to 2.9 percent. That would make Indiana’s rate the third lowest in the country among states with an income tax. The reduction was originally set to take place over seven years, and only if state revenues reached a certain growth level. ...

What is Indiana's New income tax bill?

The bill approved by legislators last week will reduce Indiana’s current income tax rate of 3.23% to 2.9% in small steps until its planned full implementation in 2029. It comes as both Republican- and Democratic-led states across the country are looking at tax cuts amid soaring tax revenue and billions in COVID-19 aid from the federal government. ...

How will Indiana's Tax Cut affect Hoosiers?

Indiana's income tax rate could be reduced from 3.23% to 2.9% over seven years with the $1.1 billion tax cut package signed by Gov. Eric Holcomb. Hoosiers will start seeing some savings as early as 2023, when the tax rate drops to 3.15%. For instance, a Hoosier making an average pay of $29,,777 between 2015-2019 would save approximately $24 on 2023 taxes. ...

How will Indiana's income tax rate change in 2025?

Hoosiers who pay state income tax will see a little less taken out of their paychecks in 2025. Lawmakers passed a tax cut package in 2022, which included gradually reducing the individual income tax rate down to 2.9 percent. That would make Indiana’s rate the third lowest in the country among states with an income tax. ...

What would happen if Indiana's income tax cuts were phased in?

If Indiana's income tax cuts were phased in, a Hoosier making an average salary of $29,,777 would save around $100 per year. Those making $50,,000 per year would save $165 per year. Indiana would have one of the lowest income tax rates in the country. ...