Note to the Press: Please include the following statement from State Rep. Craig Snow (R-Warsaw) 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) – "A refund for Hoosier taxpayers is welcome news after passing a historic state budget that makes key investments in Indiana's top priorities like K-12 education, small businesses and rural broadband. Our fiscal responsibility has helped our economy bounce back better than expected, and Hoosiers are a driving force behind our economic boom. Indiana's government is running like a well-oiled machine and we intend to continue evaluating how we build on this economic success to better serve Hoosiers moving forward."
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State Rep. Craig Snow (R-Warsaw) represents House District 18, which
includes Wabash County and portions of Kosciusko, Grant and Miami counties.
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