Buck’s tax bill similar to Pence’s plan

State Sen. Jim Buck, R-Kokomo, has filed a bill that would step Indiana’s individual income tax down from 3.4 percent to 3 percent. The tax cut would be phased in over a four-year period, with the rate being lowered by 0.1 percent each year, starting in fiscal year 2014.

It’ll be Senate Bill 192.¬†The bill would cost the state about $644 million in 2018, once it’s fully implemented, according to this analysis¬†by the non-partisan Legislative Service Agency.

Buck’s proposal isn’t identical to a campaign proposal by Republican Gov.-elect Mike Pence, but it’s similar. Pence wants to cut the state’s individual income tax rate from 3.4 percent to 3.06 percent, and he wants to do it over two years.

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