Governor Eric Holcomb today announced a plan to return $1 billion of state reserves to Hoosier taxpayers, following higher than expected revenue performance this fiscal year.
Each taxpayer would collect about $225 in addition to $125 Hoosiers are currently receiving from the state’s automatic taxpayer refund (ATR). All told, each eligible Hoosier would receive about $350; a married couple filing jointly would receive about $700.
“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,” said Holcomb.
The governor has outlined his plan with legislative leaders.
“I’ve met with Speaker Huston and Senator Bray and have asked them to discuss getting a billion dollars back into Hoosier hands with their colleagues,” said Holcomb. “I’ve committed to work with them to call a special session before the end of June to take action to align this second round of returns with our current ATR.”
The state’s reported revenues for May, released today, 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 ATR. 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.