New tax rebate will give you hundreds of dollars more

Jake Wells
Photo of dollar bills in handPhoto by Jinyun (Unsplash)

It is very possible that you'll be getting more money than originally expected. The state of Indiana has a surplus of funds. The state will return a combined $545.3 million due to higher than expected state revenue numbers during the 2021 fiscal year.

Originally announced was that Indiana taxpayers will receive a one-time $125 taxpayer refund later this year under Indiana’s "Use of Excess Reserves" law. If you are filing a joint return, you'll receive $250. But now there is a proposal in the works that would send even more money your way.

The New Amount You Could Be Receiving

Now taxpayers would receive an additional $225 per person in addition to $125 that you'll be receiving from the state’s automatic taxpayer refund (ATR). In total, eligible residents will receive about $350; a married couple filing jointly would receive about $700. (source)

“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 Governor Eric Holcomb.

It is not signed into law yet for the full amount $350, but the original amount of $125 is definitely coming to you. According to the state, one-time direct deposits of at least $125 will arrive in bank accounts throughout the summer. (source) To be sure you get the most recent updates, the state recommends signing up here.

So, you should be receiving your refund in the next few weeks.

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Disclaimer: Please note that this article is only for educational and informational purposes.

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