Gov. Mike Pence has few answers on $1 billion business tax cut

INDIANAPOLIS - Gov. Mike Pence says he has high hopes that his proposed elimination of Indiana's business personal property tax will create more jobs, but he has few answers on how he'll secure the $1 billion cut.

Pence said Friday that business leaders across the state have told him eliminating the tax would be one of the best ways to create new jobs. The tax is levied on business equipment and accounts for a large portion of local tax collections.

The governor said Friday he plans to phase out the tax while finding substitute dollars for local governments. But he would not say how he'd do that.

Democratic candidate for state auditor Mike Claytor said earlier this week that the move could potentially jeopardize economic development projects financed by the tax.

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