Airtron

We commend Sen. Kenley

0

Dear Editors of Current in Carmel and Fishers:

 

As President and CEO of the Indiana Manufacturers Association, I want to express our appreciation for the pro-manufacturing legislation supported by your state senator, Luke Kenley (R-Noblesville), during this most recent session of the Indiana General Assembly. Specifically, Sen. Kenley served as primary sponsor of House Enrolled Act 1001-2013, Biennial Budget.

There are five key provisions in the $30-billion state budget most helpful to manufacturers:

  • The retroactive repeal of the state inheritance tax will save taxpayers about $180 million during the next two years.
  • The phased-in reduction of the individual adjusted gross income tax rate from 3.4 percent to     3.23 percent will benefit manufacturers organized as pass-through entities.
  •  The recoupling to many provisions of the Internal Revenue Code and elimination of various “add-backs” under the state individual income tax and corporate income tax is good policy and, hopefully, a first step in easing the tax preparation burden while providing additional tax relief.
  • The budget requires 100 percent of the excess reserves in calendar year 2013 to be transferred to the Pension Stabilization Fund to pay down our unpaid obligations.
  • The state will maintain a structural surplus each year and a total combined reserve balance of about $1.8 billion providing a sufficient buffer in case of another economic downturn.

Indiana has the highest share of manufacturing as a percentage of private industry Gross State Product in the U.S. (29.7%), and the highest percentage of the workforce employed in manufacturing (16.4%). Therefore, legislation that is good for Hoosier manufacturers benefits the overall Indiana economy.

 

We commend Sen. Kenley for his leadership and support of pro-manufacturing legislation.

Sincerely,

Patrick J. Kiely

President & Chief Executive Officer


Current Morning Briefing Logo

Stay CURRENT with our daily newsletter (M-F) and breaking news alerts delivered to your inbox for free!

Select list(s) to subscribe to



By submitting this form, you are consenting to receive marketing emails from: Current Publishing, 30 S. Range Line Road, Carmel, IN, 46032, https://www.youarecurrent.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Share.