There have been several business tax cuts making their way through the Indiana State Government. This week, one of them has finally been signed into law.

According to an article from WISHTV Channel 8, an Indiana news outlet, this week Governor Mike Pence made things official. The new law will cut the state's corporate income tax and provides options for county leaders to reduce property taxes on business equipment.

The corporate tax cut drops the numbers from 6.5 percent down to 4.9 percent over the coming years. The financial institutions taxes, which are levied on banks, will also drop from 6.5 percent to 4.9 percent.

Pence spoke about the news following a bill-signing ceremony at One Click Ventures, an Internet company based in Greenwood.

"We worked through a legislative process that I think resulted in Indiana becoming more competitive for the kind of investment that creates jobs," Pence said. "I think by signaling to the country that we've given local communities more options in the area of business personal property taxes is an important message to send. And I believe it's going to put our local communities and counties in a better position to attract investment."

Companies should not be looking for these to take effect quickly. The full corporate tax cut will not be complete until 2023 and the equipment tax cut will be held up until mid-2015. Despite that, it is still offering up a reason for companies to relocate to Indiana, and with the help of a company that specializes in business management software, any organization can do this effectively.