STATEHOUSE — Governor Eric Holcomb has 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 the $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 (Todd) Huston (R-Fishers) and Senator (Sen. President Pro Tem Roderic) Bray (R-Martinsville) and have asked them to discuss getting a billion dollars back into Hoosier hands with their colleagues,” said Holcomb. “I’ve committed to working 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 Thursday, were $209 million over the forecast. For 11 months of the fiscal year, revenues are $1.075 billion over the 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.
Senate Minority Leader Greg Taylor (D-Indianapolis) reacted to the proposed plan.
“Getting money directly into the pockets of struggling Hoosiers is always the right decision, and I’m glad that Governor Holcomb heard our calls to provide direct relief to Hoosiers. Providing every Hoosier with $225 will help a lot of people trying to make ends meet right now,” Taylor said. “However, this one-time payment is temporary relief. It isn’t enough to address the ongoing struggles that Hoosiers are facing. Hoosiers’ financial struggles are ongoing and relief needs to be ongoing as well.
“I do think we can go further, but I’m happy to see the Governor taking action to relieve Hoosiers during tough times. I look forward to discussing expanded relief measures we can take to help Hoosiers on a long-term basis once we head into the special session,” Taylor added.
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