The Indiana Senate has approved a property tax overhaul bill, sending it to Gov. Mike Braun’s desk for signing. The measure, Senate Bill 1, aims to cut property taxes for homeowners, farmers, and businesses, with potential savings of $1.5 billion over the next three years. Homeowners could claim a tax credit of up to 10%, with additional credits for disabled veterans and older Hoosiers on fixed incomes. The bill also includes adjustments to the agricultural land assessment formula and exemptions for small businesses from personal property taxes. However, Lt. Gov. Micah Beckwith has urged Braun to veto the bill, arguing that it is too complex and will ultimately force local governments to raise income taxes. Despite protests and concerns from Democrats, educators, and business experts, Braun is in favor of the measure and plans to sign it into law. According to Braun, this tax relief is historic and aligns with his Freedom and Opportunity Agenda. The bill is seen as a way to provide transparency, fairness, and savings to Indiana taxpayers.
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