Senator Stacey Donato said in a recent release, “Indiana’s economy has continued to improve faster than most other states in the nation. In fact, state revenues for the most recent fiscal year came in more than $1.1 billion higher than expected, which has triggered an automatic taxpayer refund. This means Hoosier taxpayers will receive a tax credit when they file next year.”
The automatic taxpayer refund is made possible thanks to a law championed by Statehouse Republicans several years ago that says when state reserves get to a high level, it’s time to return some of that money back to our hardworking Hoosiers. While we don’t yet know how much each taxpayer will receive, in total, about $545 million will be returned to taxpayers.
Senator Donato closed her comments saying, “It is incredibly encouraging to see Indiana’s economy bounce back in such a quick and strong manner. This is a testament both to the resilience of Hoosiers and the fiscal discipline we have exercised as a state.”