Since 2013, we passed the largest income-tax cut in state history, repealed the inheritance tax, put in place a plan to reduce the corporate income tax, cut the financial institutions tax and gave counties in our state the option to eliminate taxes on business personal property. We have also made it easier for entrepreneurs to raise capital through crowdfunding.
We have been able to significantly reduce the tax burden while also holding the line on spending. Since I took office, we have limited the growth in spending to the average rate of inflation over the past decade.
We continue to run annual surpluses of $100 million, with more than $2 billion in reserves. This fiscal restraint provides businesses with the predictability they need to plan for the future.
At the same time, the regulatory moratorium I signed on my first day in office led to a 55 percent reduction in new rules proposed by state agencies. In Indiana we believe that when businesses are not needlessly burdened and are free to innovate and grow, they will do just that.
"In Indiana we believe that when businesses are not needlessly burdened and are free to innovate and grow, they will do just that."
Our efforts have not gone unnoticed. We are one of only a handful of states with a AAA credit rating from all three rating agencies. We have been recognized as one of the best places in the country to do business by Chief Executive and Site Selection magazines.
We are also making critical investments in our future. We have implemented and expanded the most ambitious set of education reforms in the country, which gives families the choice to send their kids to high-quality private schools using a voucher or high-quality charter schools. We have also introduced a new pre-K voucher program to allow disadvantaged children to access high-quality pre-K options. We have also approved more than $400 million in new funds for highway expansion projects.
We continue to invest in innovation and future technologies. Last year we launched the nation's most industry-driven biosciences research institute to facilitate the faster transfer of new technology in the life sciences sector to the marketplace. Indiana is already a global life sciences leader, and the institute will take us to an entirely new level. We are looking at new applications of our biosciences institute for other dynamic sectors of our economy, such as defense and information technology.
The season of the entrepreneur has begun in the Hoosier State, and we are working to make it the greatest season ever.
—By Indiana Gov. Mike Pence