First elected in 1998, Thompson has supported balanced budgets with adequate reserves since House Republicans have been in control. He has also contributed to Indiana's nationally recognized business climate, leading to major business investment and declining unemployment. Since 2003, he has served on the House Education Committee and as K-12 Subcommittee chair of the House Committee on Ways and Means. Under his leadership in drafting the school funding formula, the General Assembly has changed from funding school corporations to funding students.

Thompson started at a young age working on his family farm. He put himself through Purdue by operating a hay-baling business. During the next 20 years, he co-managed and operated their several hundred-acre livestock and crop farm. Since 2000, Thompson has continued his involvement in agriculture with a small hay and straw business.

Thompson is a North Salem High School alumnus and graduated from Purdue University in 1978 with a Bachelor of Science in physics. He spent more than 30 years in education, teaching chemistry, physics and math at Danville Community High School.

In 2000, Thompson joined North Salem State Bank as an advisory director. In 2008, he was elected board director. He currently serves as vice chair of the board and has chaired the Loan, Compliance and Assets/Liabilities (ALCO) committees.

Thompson lives in Lizton with his wife, and has six children and two grandchildren. An active member of Northview Christian Church, he serves on their administrative/finance committee.