Governor Mike Pence today signed the state's biennial budget, HEA 1001, at Crawford Industries in Crawfordsville.
"This is a jobs budget, and it signals that Indiana is open for business," said Pence. "By preserving Indiana's strong fiscal position, increasing funding for schools and roads, and giving Hoosiers $600 million a year in tax relief, this budget will encourage investment in Indiana."
The historic tax relief package came through a combination of income tax relief, inheritance tax repeal and other business tax reductions. It will help every Hoosier taxpayer, small businesses and family farmers, and make the state more competitive for new jobs.
The budget addresses Indiana's skills gap with a significant investment in dropout prevention programs and jobs training. It invests $190 million in new money for K-12 education and funds initiatives to increase career and technical education opportunities in Indiana's high schools, ensuring that graduates leave ready for either college or a career.
The budget also includes more than $400 million for roads and infrastructure, including the first new ongoing money for local roads in a decade. It provides $25 million in seed money for a life sciences research institute that will be leveraged by private dollars and will increase growth in Indiana's life sciences sector.
Pence expressed his appreciation for the legislators who worked to craft this budget. "I commend all the members of the Appropriations and Tax and Fiscal Policy committees, and especially the leadership of Chairmen Tim Brown, Luke Kenley, and Brandt Hershman," he said.