Hear No Evil, CEDIT No Evil
I got some more tax information from the Governor’s budget office today. Marion County lost almost $80 million when the inventory tax was phased out. And since the City-County Council failed to pass the CEDIT (County Economic Development Income Tax) to offset some of the loss, you’re staring down a tax increase of almost Biblical proportions. Had they raised the CEDIT the maximum .25 percent, you’d be paying $37 million less in property taxes. I was told the Council pulled the CEDIT off the table last year because it would have been too regressive for the taxpayers. Famous last words.
