Gov. Holcomb proposes returning $1 billion to Indiana taxpayers

Published: Jun. 9, 2022 at 10:28 AM EDT
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INDIANAPOLIS (WNDU) - Indiana Gov. Eric Holcomb has announced a plan to return $1 billion of state reserves to Hoosier taxpayers,.

This comes after higher-than-expected revenue performance this fiscal year.

Each eligible Hoosier would receive about $350. A married couple filing jointly would receive about $700.

Holcomb said that “Hoosiers have real needs right now during this period of high inflation, from the gas pump to buying groceries, and everyone should benefit from the state’s success.”

The state’s reported revenues for May, released Thursday, were $209 million over forecast. For 11 months of the fiscal year, revenues are $1.075 billion over forecast.

If approved, an additional deposit would be made to the bank accounts of eligible Hoosiers, just like the current automatic taxpayer refunds. For those who will receive paper checks beginning in August, one check for $350 for individual taxpayers, or $700 for those filing jointly, would be issued.

Several local lawmakers provided the following statements in support of Holcomb’s plan.

“Hoosiers are working hard every day while facing historically high inflation, and they deserve some relief. An additional automatic taxpayer refund this year would put money directly in the hands of taxpayers, where it belongs,” said State Rep. Dale DeVon (R-Granger).

“This would be a responsible step in managing taxpayer dollars. After supporting the largest tax cut in state history, I’m ready to return to the Statehouse and ensure this second automatic taxpayer refund happens for Hoosiers,” said State Rep. Jake Teshka (R-South Bend).

“An additional automatic taxpayer refund this year would be an efficient way to provide quick and substantial relief to hardworking Hoosiers. When looking at the state’s strong finances and then considering the hardships caused by inflation, this is a responsible approach in doing what is right on behalf of taxpayers,” said State Rep. Tim Wesco (R-Osceola).

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