Note to the press: Please include the following statements from State Reps. Peggy Mayfield (R-Martinsville) and Beau Baird (R-Greencastle), who serve on House Ways and Means Committee and the State Budget Committee, and State Rep. John Young (R-Franklin) 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 16, 2021) – "Hoosiers know that responsible budgeting requires prioritizing spending, paying off debt and planning for rainy days. Our state budget follows these same guidelines with the goal of keeping taxes low while encouraging growth. Using these guiding principles, our state has experienced unprecedented economic success. Additionally, our track record of fiscal responsibility will provide us with the flexibility we need to cut taxes moving forward. Our goal is not just to return the surplus to hard-working Hoosiers, but to help them keep those dollars in their pockets from the start," said State Rep. Peggy Mayfield (R-Martinsville).
"This is yet another example of what responsible fiscal stewardship has done for Hoosiers. Refunding hard-earned dollars to taxpayers is a testament to our commitment to ensuring our state government is small and lives within its means," said State Rep. Beau Baird (R-Greencastle).
"Unlike the federal government, Indiana is committed to fiscal responsibility. Just like Hoosier taxpayers, we work hard to keep a balanced budget that funds the necessities, while also preparing for potential rainy days. Our fiscal prudency ensured our economy could bounce back stronger than ever before. This taxpayer refund is a testament of our strong economy, and these funds should be returned to Hoosiers," said State Rep. John Young (R-Franklin).
Click here for a link to the formal announcement.
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State Rep. Peggy Mayfield (R-Martinsville) represents House District 60,
which includes portions of Morgan and Monroe counties.
Click here for a high-resolution photo.
State Rep. Beau Baird (R-Greencastle) represents House District 44, which includes
all of Putnam County and portions of Clay, Morgan, Owen and Parke counties.
Click here to download a high-resolution photo.
State Rep. John Young (R-Franklin) represents House District 47,
which includes portions of Johnson and Morgan counties.
Click here to download a high-resolution photo.
