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Every long Indiana legislative session revolves around writing the new, two-year state budget. But 2023’s session focused on it more than most. That’s because many of the top priorities this year centered not just on policy, but a dollar amount.
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Tens of thousands more students will be eligible for taxpayer dollars to help fund their private school education under the final version of the new state budget.
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House Republicans sent their proposed budget to the Senate Thursday, where disagreement likely looms over tax cuts and school voucher expansion.
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Indiana lawmakers will write the two-year budget this session – a document of their policy priorities, more than 200 pages long, that will spend more than $37 billion.
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Gov. Eric Holcomb wants to spend more than $5 billion in new and increased spending in Indiana’s next budget on everything from education to public health and economic development initiatives.
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Gov. Eric Holcomb said the new state revenue forecast is “rosier” than he anticipated. But he said it still calls for a “discerning” approach to writing a new state budget.
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A new state revenue forecast projects that Indiana lawmakers will have about $1.6 billion in new money to spend in the 2023 session.
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The Indiana Commission for Higher Education wants state lawmakers to rethink the formula for funding higher ed. But that proposal isn’t being met with universal praise.
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Indiana tax collections came in below projections last month, for the first time in more than a year. But state budget expert says that missed projection is mostly a timing issue.
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Less than a quarter into its new fiscal year, Indiana has already collected hundreds of millions more in taxes than expected.