A new state revenue forecast predicts Indiana will take in nearly $300 million less over the next 18 months than the legislature planned.
Both budget proposals increase school funding by three-percent over the next two years, and accelerate the planned phaseout of the inheritance tax.
The original Senate bill was aimed solely at providing financial support to the Indianapolis Motor Speedway for much-needed improvements at the track.
Legislative leaders referred to the April revenue forecast as key in budget negotiations earlier this session.
House Ways and Means Chair Tim Brown says he will not advance a bill addressing implementation of the Affordable Care Act.
Overall revenues were boosted by a surge in individual income tax collections, which came in more than $70 million ahead.
The Senate Appropriations Committee got its first official look at the budget bill Thursday.
The budget proposed Friday does not include money for Medicaid expansion in Indiana.
Tim Brown (R-Crawfordsville) sounded Monday like he wasn't sold on Governor Mike Pence's tax cut plan.
Monday morning at 11, an Opening Day look ahead to this year's initiatives in the Statehouse.