Porter statement on December revenue forecast
INDIANAPOLIS – Today, a new state revenue forecast was released by the State Budget Agency projecting continued flush coffers for the state. The final forecast for the 2023 budget predicts an additional $1.6 billion in unexpected revenue. State Rep. Gregory W. Porter (D-Indianapolis), ranking Democrat on the House Ways and Means Committee, reacted to today's revenue forecast:
“Economists believe we're headed toward a slight economic downturn of some sort in 2023. I am confident the reserves we have and positive growth augured by today's forecast will help us weather any storms. But in the long run, high-wage employers have signaled they will leave Indiana for greener pastures if we don't invest in our people through public health and education.
“I can't help but mourn how earlier this year, Republicans eliminated the utility receipts tax, a revenue source of $220 million annually. This was not a tax burden borne by everyday Hoosier families – it primarily affected large corporations with big electricity bills. It would be a real shame if we are not able to fully fund the recommendations made by the Governor's Public Health Commission, which annually come to nearly the same amount as the utility receipts tax revenue, because of a corporate giveaway. I will always put Hoosiers' health ahead of corporate profits.”