INDIANAPOLIS, Ind. (WOWO): Governor Mike Pence said more about his plans to bolster the state's economy.

Governor Pence wants to phase out a tax that local governments say will cost them millions and he also wants to drum up funding to make Indiana's cities more attractive for prospective businesses.

Pence laid out his economic agenda for the 2014 legislative session at The Speak Easy, an Indianapolis club for entrepreneurs.   He reiterated his call to eliminate the state's business personal property tax, even though some argue that eliminating it could cost local governments up to 500 million dollars in lost revenue.

Getting rid of the tax is part of Pence's plan to compete with other states for jobs like Illinois and Ohio. They don't have a business personal property tax. “Businesses are often very quickly reminded by our neighbors that we have a business personal property tax, and they don‘t,” said Pence.

The governor did not offer specific ideas on how local governments could replace the revenue, saying he wanted state lawmakers and local governments to come up with ideas. Pence also says if ending the tax brings more jobs to the state, the revenue will return. “I believe that using time and the principals of economic growth, we can make it possible to phase out this tax entirely while protecting local governments and their ability to meet the needs of their constituents,” Pence said.

Pence also will ask the Indiana Economic Development Corporation to determine how the state could raise private money over the next decade to make cities more attractive to prospective employers. He also wants private businesses to create a fund to help attract entrepreneurs from outside Indiana to locate in the state.