Weekly Statehouse update: Revenue forecast, property tax reform signed, supplemental teacher pay

Lawmakers receive a historically bleak state revenue forecast. The property tax debate comes to a close. And the governor signs a bill on supplemental teacher pay.

Here's what you might have missed this week at the Statehouse.

HB 1001: State budget

Lawmakers use the state revenue forecast to determine how much money they'll have to spend in the new state budget, HB 1001. And the latest forecast projects there will be $2 billion less to spend than previously expected. That's the worst revenue forecast since at least the Great Recession.

SEA 1: Local government finance

Gov. Mike Braun signed a property tax reform bill that he says will provide historic relief. SEA 1 is expected to save homeowners and farmers about $1.4 billion over the next three years. But local governments and schools stand to lose up to $1.8 billion in revenue, prompting concerns about cuts to services.
 

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SEA 249: Teacher compensation

And legislation signed by the governor allows schools to set aside money for supplemental teacher pay, as a way to attract and retain teachers in high-need subjects like special education and STEM.

But critics point out that SEA 249 circumvents the collective bargaining process and could foster resentment among educators.

Find all the measures we're covering this legislative session on our 2025 bill tracker.
 

Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.