About 4.3 million Hoosier taxpayers will each get $125 next year because of Indiana’s automatic taxpayer refund.
Indiana’s automatic taxpayer refund is triggered when the state ends the fiscal year with significantly large budget reserves – like it did this summer.
The last and only time it was triggered, in 2012, people got the money as a credit when they filed their taxes – so, if you owed some money to the state, the refund amount was subtracted from that.
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But this time, the refund is being processed separately from Hoosiers’ taxes. The refund – $125 per taxpayer – will go out as checks in the mail or via direct deposit into Hoosiers’ bank accounts.
The Holcomb administration said it also will pursue legislation in the upcoming session to expand eligibility for the refund, meaning about 910,000 people will get the refund who wouldn’t have before.
The governor’s office said it hopes to have the refunds out to taxpayers by May 1, 2022.