Note to the press: Please include the following statement from State Rep. Jim Lucas (R-Seymour) 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) – "Our economy continues to perform beyond expectations even after all the pandemic's challenges. That's due in large part to conservative budgeting and fiscal responsibility. As the federal government continues to drive our national debt through the roof, Hoosier taxpayers will reap the benefits of a state that takes care of its priorities, pays down debt and plans for rainy days. As we see gas prices climbing and inflation increasing, these additional funds could provide a small boost to our hardworking Hoosiers at the end of the year."
Click here for the formal announcement.
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State Rep. Jim Lucas (R-Seymour) represents House District 69, which includes
portions of Bartholomew, Jackson, Jennings and Jefferson counties.
Click here to download a high-resolution photo.
