Governor Pence signs bill to lower corporate tax rates
Posted: Mar 26, 2014 12:44 AM EDT | Updated: Nov 5, 2014 9:08 PM EDT
GREENWOOD, Ind. -- Indiana Governor Mike Pence signed a bill into law Tuesday that makes Indiana a state with one of the lowest corporate tax rates in the country.
The package of business tax cuts was approved by lawmakers earlier in March.
The bill cuts the corporate income tax from 6.5-percent to 4.9-percent by 2021.
Most local governments opposed the bill because the Business Personal Property Tax provides more than $1-billion in revenue each year for cities, counties, towns, schools, and libraries.