IN SB0011

Establishes automatic biennial reductions in Indiana's adjusted gross income tax rates when year-over-year revenue growth exceeds certain thresholds

Reduces tax rates by 0.1% if revenue growth is 3.1-4.2%, by 0.2% if growth is 4.2-5.3%, or by 0.3% if growth exceeds 5.3%

Sets minimum tax rate floors at 2.9% for individuals and nonresidents (down from 3.4%) and 8% for corporations (down from 8.5%), with current rates applying for 2011 and 2012

Requires the budget agency to calculate revenue changes before September 1 of each even-numbered year using a two-year average of net adjusted gross income tax collections

Rate reductions take effect for taxable years beginning in the odd-numbered year following the budget agency's determination