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.
You can hear the Governor’s comments in the audio above.
Sen. Rod Bray and House Speaker Todd Huston released the following statements…
“We recognize many Hoosiers are facing uncertainty, in large part due to the unprecedented level of inflation our nation is experiencing. While this is a product of policies from Washington, D.C., we want to provide some help where possible. Thanks to Indiana’s continued fiscal prudence, we can consider providing some relief to Hoosiers who are trying to adapt to today’s challenges by returning some of their hard-earned money back to them.”
“Inflation is having real and negative effects on everyday Hoosiers, whether it’s record gas prices or rising grocery and energy bills. That’s why I fully support the governor’s call for a special session to put more money directly back into taxpayers’ pockets. By issuing another round of automatic taxpayer refunds, we can provide quick and substantial relief while maintaining the state’s prudent reserves and providing budget flexibility moving forward. We’ll work with the governor and our Senate colleagues on scheduling a special session, so we can return to the Statehouse and do what’s right by Hoosiers.”
Indiana Democrats had back-handed praise for the Governor and Republican leaders.
“It’s encouraging to see Governor Holcomb and Indiana Republicans finally realize that there are ways the state government can combat global inflation. That said, it shouldn’t have taken this long to get the Republicans to actually act and produce what looks like another bare-minimum band-aid for Indiana’s long-term problems,” said Lauren Ganapini, Executive Director of the Indiana Democratic Party. “Indiana Democrats had the foresight and called on the state to pause its gas tax back to help Hoosiers make ends meet. This win-win solution only adds to the Democrats’ plan to address rising costs across the state. But unfortunately, the Indiana GOP proves (again) they have no plans for our future – just election-year performance and partisanship.”