Gov. Mike Pence announced that Indiana will host a conference this summer to help strengthen, make more competitive, and simplify the state’s tax laws.
Pence said the Indiana Tax Competitiveness and Simplification Conference on June 24 will examine both business and individual taxes. He also said the Tax Foundation – a tax policy research organization – and other outside sources will help give Indiana “new and fresh ideas and best practices from other states around the country.”
“Despite all the progress that has been made, we aren’t their yet,” Pence said.
Pence announced the tax conference Tuesday after the Tax Foundation gave Pence one of its awards for Outstanding Achievement in State Tax Reform.
“You already have a state that is very competitive, but he (Pence) has decided to take it to the next level,” said Tax Foundation President Scott Hodge.
Indiana’a ranking in the State Business Tax Climate Index has improved from 12th to 10th in the past few years and is projected to rise to eighth by 2022. The State Business Tax Climate Index ranks states on how they collect their taxes and how business friendly a state tax is.
But Indiana ranked in the top half of the country in the Tax Burden Report, which Hodge said “looks at how much a state tax is and how much out of the state’s economy goes to taxes.”
Hodge said Indiana has had remarkable policies in the last two years, some of which include repealing the inheritance tax, cutting corporate income tax rates and taking steps to cut the business personal property tax – with action from local governments.
“What impressed us most here is Indiana’s goal of creating a competitive core tax system that can still attract business,” Hodge said.
Pence said that the reasons state policies work and Indiana is increasingly seen as a model state are because of the efforts of the General Assembly, the members of our administration and the “people of Indiana who really do believe that the government that governs least, governs best”.
“As we live within our means and fund our priorities then we should find responsible ways for Hoosiers and Hoosier businesses to keep their hard earned money,” Pence said.
Erika Brock is a reporter for TheStatehouseFile.com a news website powered by Franklin College journalism students.