On Tuesday, Indiana Governor Mike Pence signed Senate Bill 1, a package of tax cuts for business that will reduce the corporate income tax (currently 7.5 percent) from 6.5 percent beginning in 2015 to 4.9 percent by 2021, making it the second-lowest in the country.

The measure also will allow counties to eliminate the business personal property tax on new equipment and let counties exempt small businesses with less than $20,000 worth of equipment from paying personal property taxes beginning in 2016.

Counties also could offer so-called “super-abatement” on a project-by-project basis, allowing select businesses to have property tax abatements extended to 20 years from the standard 10 years.

“With this bill, we give counties the opportunity to incentivize additional investment in new technology and heavy equipment,” Pence said. “We make it easier for companies to expand and create jobs here in Indiana.”