INDIANAPOLIS, Ind. (NETWORK INDIANA): The State Budget Agency says the revenue forecast has an extra $1.5 billion over the next two years.
The projection was released Wednesday as lawmakers continue the final stages of the budget negotiation. The extra money is due to higher sales and income tax collections.
“Sales and income tax revenue collections are trending ahead of the December 2022 forecast and the same period for fiscal 2022,” said Krista Ricci. ‘Finally, state general fund revenues year-to-date are 2-percent above the December 2022 forecast and 4.9-percent above the same period in fiscal 2022.”
Republicans and Democrats in the Statehouse are pleased with the projections. But, with the extra cash expected Republicans say it will be a little harder to figure out a budget, which they say is actually a good problem to have.
“We’re just fortunate to be in that position,” said State Sen. Ryan Mishler. “We could say that it makes our job tougher, but I’d rather be in that position than some states who are not in that position.”
The GOP is also wary that the rate of growth is slowing. Democrats are hopeful the increased forecast will spur more discussions on spending on what they feel needs to be addressed, like more on education and property tax relief.
“I think at the point we can do some good legislation and have a real budget for everyone in the state of Indiana,” said State Rep. Greg Porter (D). “In our budget, we had about $200 million going toward property tax relief.”
Porter believes the higher forecast will loosen Republicans up on discussing property tax relief, not to mention the surplus the state is already sitting on in cash reserves.
2 comments
Abolish Property Taxes!!
I’m not sure how property taxes are legal especially how they are used.
4th Amendment: “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated…”
Property Taxes are UNREASONABLE: I spend 30 years paying on a piece of land, but now the government can just come take it if I can’t pay them twice a year for any reason, and they control the annual assessment.
I paid sales tax on my property, why do I have to pay biannual taxes on it?
Why does everyone have to pay for public schools? What benefit are the schools to all the non-parents?
Now Indiana is seeing year-after-year of revenue growth (collecting more taxes from all of us).
Why can’t our Law Makers do something for all us citizens, get rid of Property Taxes and help the Counties find another way of funding.
Can you Imagine how much revenue will be generated by a Mid-west State if they abolished Private Property Taxes, while all States surrounding Indiana still has property taxes?
All of us Hoosiers would truly feel a sense of Pride and Ownership.
Well said! Couldn’t agree with you more!!! Our property taxes continue to go up too. It has more than doubled for me in the last 20 years. It’s leftist mentality. Take, Take, Take.