Indiana Senate Bill SCR0008

Indiana 2023 Regular Session

• Introduced: 1/23/23
• Engrossed: 1/24/23

Caption

Urging Congress to permanently extend the Tax Cuts and Jobs Act of 2017.

Impact

The resolution argues that allowing the Tax Cuts and Jobs Act to expire would lead to substantial tax increases for American taxpayers and potential degradation of the economic environment. It highlights that provisions integral to individual income taxation are set to expire after December 31, 2025, and returning to an unlimited state and local tax (SALT) deduction could motivate states to raise taxes, adversely affecting taxpayers' financial burdens.

Summary

SCR0008 is a Senate Concurrent Resolution that urges the Congress of the United States to permanently extend the Tax Cuts and Jobs Act of 2017. This resolution is presented in light of the benefits that the Act brought to the economy prior to the COVID-19 pandemic, which included job creation, economic expansion, and tax relief for American households. The resolution emphasizes that the tax cuts resulted in a notable increase in median household income and a significant reduction in the corporate tax rate, improving U.S. competitiveness globally.

Contention

The resolution has the potential to generate conflict between state interests and federal tax policy, particularly among lawmakers who may disagree on the need for such permanent extensions. While proponents maintain that the Act has been beneficial for boosting entrepreneurship and promoting economic growth, there may be concerns regarding the financial burdens it imposes on various income groups, especially if higher taxes are necessary to compensate for the loss of federal revenue from these tax cuts.