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Posted on Thu. Jan. 30, 2014 - 05:36 pm EDT

Senate approves tax cut package for Indiana businesses


INDIANAPOLIS — State Senate Republicans have approved a measure cutting the state's business equipment and corporate income taxes in a move that has local leaders worried.

The Senate plan would cut the personal property tax for small businesses and further cut Indiana's corporate income tax. The Senate voted 35-11 Thursday along party lines to send the measure to the House.

The vote came shortly after a coalition of local government groups announced they would seek state aid to fill budget holes that would be created by the cuts.

The cuts could cost local governments and school districts hundreds of millions of dollars. Indiana Association of Cities and Towns director Matthew Greller said they've already been stretched thin because of property tax caps and a struggling economy.

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