Note to the press: Please include the following statement from State Rep. Zach Payne (R-Charlestown) 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) – "Indiana continues to invest in our priorities, live within our means and pay down debt. With inflation increasing across the nation, these tax refunds could help Hoosiers at the end of the year. As we move forward, the General Assembly will continue to explore options for additional tax cuts and reforms during the 2022 session."
Click here for the formal announcement.
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State Rep. Zach Payne (R-Charlestown) represents House District 66, which includes
all of Scott County, most of Jefferson County and northeastern Clark County.
Click here to download a high-resolution photo.
