(Statehouse) – Consumer spending that boosted Indiana state revenues has cooled off after two years of above-average financial performance.
Indiana ended the 2023 fiscal year with $2.9 billion in reserve accounts, far short of the $6.1 billion reported in 2022.
Lawmakers included language in recent legislation to avoid another round of refunds and spent $3.1 billion in one-time spending, primarily on capital construction project overruns, bringing down the surplus.
The excess cash in Indiana’s accounts in the prior year meant state leaders had to return millions of dollars to taxpayers via refunds in two separate waves in 2021 and 2022.
One of the topics that will be discussed heavily in the upcoming months is the thought of cutting out the state’s income tax.
While many are in favor of that, legislators caution that making sure programs that are funded by those taxes will continue
(Story by WRBI reporter Bill Remeika)
