Note to the press: Please include the following statement from State Rep. Bruce Borders (R-Jasonville) 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) – "Our state's track record of fiscal responsibility and our surging economy make these taxpayer refunds possible. Indiana's fiscal health puts us in a strong position to make future tax cuts and reforms. This legislative session, we passed a responsibly balanced budget that funds critical services and pays down over $1 billion in taxpayer-funded debt. I look forward to building on this momentum next session and continuing to do what's right by Hoosier taxpayers."
Click here for the formal announcement.
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State Rep. Bruce Borders (R-Jasonville) represents House District 45, which includes
all of Sullivan County and portions of Vigo, Greene, Knox and Daviess counties.
Click here to download a high-resolution photo.
