Indiana Senate approves income tax cut. Here's how much you

Jan 29, 2025 · Senate Bill 451 from Republican Sen. Travis Holdman could lower Indiana's income tax rate further starting in 2030, but it depends on revenue growth.

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FAQs about Indiana Senate approves income tax cut. Here's how much you Coupon?

Will Indiana cut its income tax rate after 5 years?

(Brandon Smith/IPB News) Indiana is in the midst of a five-year reduction of its individual income tax rate. A bill unanimously approved by a Senate committee Tuesday would continue to cut the rate after that — but only if state revenues grow. ...

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. ...

Will Indiana's income tax rate go down in 2027?

A bill unanimously approved by a Senate committee Tuesday would continue to cut the rate after that — but only if state revenues grow. Indiana’s individual income tax rate will go down to 2.9 percent in 2027, the third lowest rate in the country for states with an income tax. ...

Will Indiana become a no-income-tax state?

The Indiana Senate approved a bill Tuesday that could reduce Hoosiers' income taxes, bringing Indiana closer to becoming a no-income-tax state. A family making about $70,000, the median household income in Indiana, could save about $140 in income taxes per year starting in 2030 under Senate Bill 451 from Sen. Travis Holdman, R-Markle. ...

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 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. ...