State Representative Jack Jordan (R–Bremen) made a statement on Thursday after Indiana State Auditor Tera Klutz announced Wednesday that the state will end the fiscal year with $1.1 billion is excess reserves, triggering an automatic taxpayer refund.
Jordan said, “After making strategic investments that fulfill the needs of Hoosiers, Indiana is in the enviable position of refunding taxpayers their hard-earned money and taking additional steps to pay down debt. Unlike the federal government, Indiana lives within its means. This tax refund represents a win for Hoosiers and I’m excited to explore our options for making tax cuts in the future.” State Rep. Jack Jordan is a member of the House Ways and Means Committee.
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.