Mike Pence has signed a bill that gives the state a $300 million tax break on all of its billiords.
The bill, passed by the Indiana House and Senate on Tuesday, is designed to help businesses that make up the backbone of the state’s economy by offering a 10 percent tax break.
The tax break is part of the new state tax reform, which takes effect in 2018.
Under the new plan, Indiana businesses with sales over $50,000 are allowed to deduct up to 10 percent of their profits.
The state has one of the highest tax burdens in the nation, with a tax rate of 27.9 percent.
It’s the lowest among states with the nation’s highest corporate tax rate, which is 35.8 percent.
Indiana was the first state to offer the tax break for bills that are less than $50.
It’s part of a broader effort to attract new investment into the state, Pence said.