Last month I travelled the state to outline my agenda for 2014. I want to share a few highlights with you tonight.
First, we all recognize that low taxes are essential to attracting investment and good-paying jobs.
Even with our recent progress, one significant impediment to business investment remains—it’s called the business personal property tax.
This tax is especially damaging because it makes it harder for Hoosier businesses to grow by directly taxing any investments they make in equipment.
Taxing equipment and technology in a state that leads the nation in making and creating things just doesn’t make sense.
And it looks like our neighboring states have figured that out. Ohio and Illinois don’t have a business personal property tax, and Michigan lawmakers just voted to phase theirs out.
To make Indiana more competitive, let’s find a responsible way to phase out this tax. But, let’s do it in a way that protects our local governments and doesn’t shift the burden of a business tax onto the backs of hardworking Hoosiers.
I appreciate that both the House and Senate leadership are looking at the business personal property tax and other ways to ensure that Indiana has the best tax climate possible.
Phasing out the business personal property tax will spur new investment by businesses large and small, like Coeus Technology, an advanced manufacturing startup in Anderson launched by a Marine veteran, whose products help support our troops.
Or Amatrol in Jeffersonville. Don and Roberta Perkins started their company in 1964 to manufacture technical training systems and interactive multimedia software for colleges, industry and high schools. Today, Amatrol employs 143 Hoosiers, and in 2010 it was named the Indiana Outstanding Business of the Year.
These are just two Indiana success stories that we can help with the right kind of tax reform. Join me in welcoming Nate Richardson of Coeus Technology and Paul Perkins of Amatrol who are with us tonight.