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Taxes and local finances. Establishes the state commission on responsibility and efficiency. Legalizes certain public debt instruments. Makes changes in laws governing the adoption of budgets, tax rates, and tax levies and the administration of public funds. Eliminates restrictions on property tax replacement fund distributions. Provides a property tax credit for homesteads whenever the assessed value increases by more than 75% in a general reassessment. Provides an income tax credit for sales tax paid on home heating energy. Provides a temporary sales tax exemption for home heating energy and gasoline. Permanently caps the price on which sales tax is charged on gasoline at $1.50 per gallon. Permits a county income tax council or a municipality to adopt a motor vehicle excise surtax and a wheel tax under certain circumstances. Authorizes counties, cities, and towns to adopt the following additional local taxes: (1) Income taxes. (2) Food and beverage taxes. (3) Innkeeper's taxes. (4) Sales taxes. Increases Indiana's minimum hourly wage. Provides alternative procedures for cooperative agreements. Permits establishment of governmental service territories. Makes other related changes.
