[r88] House Republicans show strong fiscal discipline; Hoosiers to receive refund (7/3/2012)

Tuesday, July 3, 2012

Speaker Brian C Bosma
Start Date: 7/3/2012 Start Time: 12:00 AM
End Date: 7/3/2012 End Time: 11:59 PM

STATEHOUSE – Due to strong fiscal discipline over the past two years, the state will finish with a projected $500 million structural surplus.  The budget put forth and supported by House Republicans was key to the state being in this fiscal position.   House Speaker Brian C. Bosma (R-Indianapolis) also announced today the Ind. House of Representatives were also able to revert back nearly $1.8 million dollars to the State’s General Fund. 

“Because of our strong fiscal stance over the last two years we will finish this biennium with total reserves of about $2 billion which allows the state to not only return money back to Hoosier taxpayers but also a prudent amount of reserves,” said Speaker Bosma.

“Hoosiers have weathered the rough economic climate over the past few years by tightening their budgets and not overspending. House Republicans have lead the same effort here at the Statehouse as we carefully crafted a budget that kept intact our states’ reserves while maintaining our commitment to K-12 education,” said Speaker Bosma

Central to today’s announcement was an update on the state’s first Automatic Taxpayer Refund.  Because of Indiana’s overall budget discipline and legislation enacted in the 117th General Assembly, nearly four million Hoosiers will receive a refund of at least $100 in tax returns and over $200 for joint returns when they file their 2012 tax returns next spring.

“Because of our overall budget discipline, the taxpayer refund will consequently be even greater than we originally anticipated,” said Speaker Bosma. “House Republicans have lead with fiscal integrity that gives back to Hoosiers, and while other states are in the red, Indiana is leading the way.”