|Indiana House Speaker Brian Bosma (R-Indianapolis)|
(Indianapolis, Ind.) - The final version of the Indiana state budget is expected to be made public Thursday.
House Speaker Brian Bosma (R-Indianapolis) told reporters Wednesday that the budget will include $1 billion in tax cuts over the two-year budget period.
“It’s very significant. I’m checking to see if that’s the largest in state history. I’m confident it is,” Bosma said.
According to the Associated Press, Republican negotiators seemed close Wednesday to a deal that would increase school funding by two percent in the first year of the budget and one percent in the second year. The deal would also make at least a small cut in individual income tax rates and immediately eliminate the state's inheritance tax.
Indiana Governor Mike Pence has been lobbying for a 10 percent personal state income tax cut in the budget since the start of the 2013 lawmaking session in January.
Statehouse Democrats have criticisms of the nearly finalized budget proposal. Rep. Greg Porter (D-Indianapolis) wants to see more money go towards restoring $300 million in education cuts made four years ago by then governor Mitch Daniels. The restoration of $100 million cut from the Department of Child Services is also sought by the minority party in the House and Senate.
Speaker Bosma said he expects this year’s legislative session to wrap up on Friday, even though lawmakers are not required to adjourn until April 29.