Note to the press: Please include the following statement from State Rep. Chris May (R-Bedford) 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) – "The newest state budget makes significant progress in paying down debt while also investing in proven programs and services that support all Hoosiers. Our fiscally responsible policies, on top of our booming economy, will help pave the way for us to make future tax cuts and reforms. This tax refund is great news for taxpayers and it's my goal to see that they keep more of their hard-earned money moving forward."
Click here for the formal announcement.
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State Rep. Chris May (R-Bedford) represents House District 65, which includes all of
Brown County, most of Lawrence County and parts of Monroe, Jackson and Johnson counties.
Click here to download a high-resolution photo.
