Entrepreneur season has begun in Indiana
In April we passed the largest state tax cut in Indiana's history, totaling more than $1 billion in tax relief. And we did it without secretly raising taxes elsewhere. A number of other states have boasted of proposed tax cuts this year (most of which never made it into law), while quietly proposing tax increases elsewhere to pay for the cuts. In Indiana we cut income taxes, abolished the inheritance tax, and cut taxes on financial institutions to make more capital available to start-ups and business owners—all without raising taxes elsewhere.
Here's the thing about Indiana: We were able to cut taxes and hold the line on spending. Not only did we achieve historic tax cuts, we did so while holding spending growth to the average rate of inflation over the past decade.
And that's not all. Not only did we cut taxes, and not only did we hold spending growth in check, but we are also running surpluses in excess of $100 million per year. We are maintaining reserves of nearly $2 billion.
(Read more: States Battle for Business)
Indiana is the epitome of predictability. We have such a stable tax and regulatory environment that businesses never have to worry that what goes this year will change next year. In Indiana, you can plan for the future with confidence that the rules won't change.
On my first day in office, I signed a regulatory moratorium. We are reviewing all state regulations to determine which ones we can ax. Our belief is that the number and quality of jobs grow when business owners are free to run their businesses as they see fit, and we're clearing out the regulatory underbrush as a result.
Indiana is one of a handful of states with a AAA rating from all three rating agencies. We are a right-to-work state. We consistently appear in the top tier of business-friendly states in the main rankings, such as those published by Chief Executive and Site Selection magazines.
(Read More: States for Creating Manufacturing Jobs)
Not only this, but we also make our state a welcoming place where we get the basics right: We invest in our schools, infrastructure and quality of life in a way that is unmatched by other states. All of these are critical to businesses and individuals thinking about whether to move to Indiana.
We have implemented the most sweeping education reform program in the country that gives families the ability to send their children to high-quality private schools with a voucher or high-quality charter schools. We are investing historic levels in our roads and bridges and are keeping energy costs low.
Not only do we get the basics right, we also know how to invest in innovation and the best leading-edge technologies. We have recently launched the nation's most industry-driven biosciences research institute, which will bring new technology in the life sciences sector to market faster. 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
Read more blogs from U.S. governors here.