Note to the press: Please include the following statement from House Speaker Todd Huston (R-Fishers) 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 14, 2021) – "Today’s fiscal year closeout results demonstrate that the fundamentally strong Hoosier economy has picked up where it left off after the initial shock of the pandemic and revenues continue to surge beyond our expectations. The automatic taxpayer refund ensures that reserves beyond what's needed go back to where they belong – in the pockets of hardworking Hoosiers. Indiana's already provided record funding for our K-12 schools and a fully funded infrastructure improvement plan on top of paying down debt, so this taxpayer refund is well-deserved. As I've said before, we're going to jump at the chance to explore sustainable tax cuts and reforms next session. It's critical for us to build on this record-breaking momentum and continue to do what's right by taxpayers. We're fortunate to be on such strong financial footing, and that's in large part due to conservative Republican stewardship over the last 10 years."
Click here for the formal announcement.
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House Speaker Todd Huston (R-Fishers) represents House District 37,
which includes portions of Hamilton County and Fishers.
Click here to download a high-resolution photo.
