A proposed tax cut package introduced by Indiana House Republicans this week would cost the state more than $1 billion a year in revenue within the next three years.
The largest chunk would be from a roughly 7 percent cut in the state’s individual income tax. That reduction, which would happen gradually over the next few years, would eventually lower state revenues by more than $500 million a year.
There are also two different tax cuts for businesses on their business equipment and an elimination of certain utility taxes.
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They’re worried about future budget needs and the sustainability of the current large state revenue amounts.