Howard County legislators: State's unprecedented economic success triggers taxpayer refund

Posted by: Allison Vanatsky  | Thursday, July 15, 2021 9:30 am

Note to the Press: Please include the following statements from State Reps. Tony Cook (R-Cicero), Mike Karickhoff (R-Kokomo) and Heath VanNatter (R-Kokomo) in your coverage of Indiana Auditor of State Tera Klutz announcing the state will end the fiscal year with $1.1 billion in excess reserves, triggering an automatic taxpayer refund. While the final refund amount will not be calculated until later this year, early estimates suggest the refund could be as high as $170 per individual filer or $340 for joint filers. In Indiana, reserve balances in excess of 12.5% of the next year's budget is required to be split, with half dedicated to pay down pension obligations and the other half given back to taxpayers. According to the report, about $545 million will go to taxpayers and another $545 million toward pension liabilities. This will be the second time Hoosiers will receive an automatic taxpayer refund since the law passed in 2011.   

STATEHOUSE (July 15, 2021) – "Hoosiers work hard every day to provide for their families. Their tax dollars are the reason we can fund our schools, pave roads, have safe communities, and much more. That's why it's so important for Indiana to continue living within its means, paying down debt and wisely investing in our state's future. We are in a strong economic position, and I'm encouraged that taxpayers will receive a well-deserved refund. Next session, I look forward to looking at ways to provide meaningful and sustainable tax relief," said State Rep. Tony Cook (R-Cicero).

"Other states would bend over backwards to be in the position Indiana finds itself in today. This refund is a result of an incredibly strong economy and all that conservative fiscal leadership has done and continues to do for taxpayers. Additionally, paying down pension liabilities will allow state lawmakers to explore ways to lower taxes for all Hoosiers," said State Rep. Mike Karickhoff (R-Kokomo).

"An extra $170 or $340 could mean a lot, especially to low- and middle-income Hoosiers. Today's report shows our economy is not only making a comeback, it's running at a record-setting pace. It's great to see more and more businesses fully operating and Hoosiers back to work. Good government means looking out for taxpayers, and this refund is about keeping our commitment to them and fiscal responsibility," said State Rep. Heath VanNatter (R-Kokomo).

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State Rep. Tony Cook (R-Cicero) represents House District 32,
which includes all of Tipton County and portions of Hamilton,
Madison, Delaware, Howard and Grant counties.

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State Rep. Mike Karickhoff (R-Kokomo) represents House District 30,
which includes portions of Grant and Howard counties. 

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State Rep. Heath VanNatter (R-Kokomo) represents House District 38,
which includes portions of Carroll, Cass, Howard and Clinton counties.

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