An estimated 4.3 million Hoosiers will receive direct checks up to $250 to offset steep prices for fuel and raging inflation. The move comes as Governor Eric Holcomb announced any Indiana resident that filed a tax return for the 2020 tax year is eligible. Approximately $545 million will be returned to taxpayers after the state ended its fiscal year with a huge budget surplus to start the refund.
Indiana residents who file as single will get $125, and married couples will be given $250. Direct deposits will start this month and some residents will receive the refund as a check by July.
Announcing the plan, Gov. Eric Holcomb said:
I’m beyond thrilled that this spring and summer we are returning money back into the hands of Hoosier taxpayers, where it belongs. Our conservative fiscal leadership and pro-growth policies make this tax refund possible for all Hoosier households.This money is effectively a 12% cut in the average Hoosier’s annual income tax liability.
Indiana ended its 2021 fiscal year at the start of July with nearly $4 billion in reserves. Under Indiana law, if Indiana's reserves are 12.5% of general fund appropriations or higher excluding K-12 education reserves, Hoosiers get some of that money back.
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