Gov. Holcomb Signs Tax-Relief Bill into Law

The governor signed 25 bills on Wednesday including a career coaching pilot program bill.

INDIANAPOLIS – Governor Eric Holcomb was busy on Wednesday.

Not only did he make a stop in Greensburg to announce the launch of foam collection plan to protect firefighters and the environment, but the governor also signed 25 bills into law.

Among the new laws is House Bill 1002.

Under the new law, the state’s individual income tax will drop from 3.23 percent to 2.9 percent over seven years. Once fully phased in, Indiana would have one of the lowest income tax rates in the nation.

Hoosiers will start to see a reduction in individual gross income tax rate in 2023 and 2024 when the current rate of 3.23 percent decreases to 3.15 percent.

The income tax rate will continue to drop after 2024 depending on certain conditions being met. The legislation will also help lower utility bills for Hoosiers and businesses by eliminating the 1.46% Utility Receipts Tax currently paid on electricity, natural gas, water, steam, sewage and telephone bills.

State Rep. Randy Lyness (R-West Harrison) said once both tax cuts are fully implemented, Hoosiers would save over $1 billion a year.

Governor Holcomb also signed an education matters bill co-authored by State Senator Jeff Raatz (R-Richmond).

The new law requires the department of education to establish a career coaching pilot program to award grants to school corporations to establish career coaching programs for students.

Learn more by visiting Governor: 2022 Bill Watch (in.gov).

RELATED STORIES

Governor Holcomb Launches Foam Collection Plan to Protect Firefighters, Environment

Southeast Indiana Lawmakers Support $1 billion Tax-Relief Package for Hardworking Hoosiers 

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