Automatic taxpayer refund set at $111 per Hoosier
by Indiana Public Broadcasting
November 21, 2012
Indiana’s large state budget surplus has triggered a law that give some of that money back to Hoosiers in the form of a tax credit on state tax returns this year. Governor Mitch Daniels announced today that each Hoosier will receive a $111 credit. For married couples filing jointly, the credit is $222. The credit will be part of the normal tax filing process. Daniels says he and lawmakers made sure to give everyone an equal refund.
“We thought that any refund that did happen would be more meaningful to low income and modern income people, and that’s what happened,” he says.
The total amount being returned to taxpayers is $360 million. Democratic House Minority Leader Scott Pelath says that money would be better spent in Hoosier schools or on road projects. Lawmakers recently passed a law triggering the tax credit if Indiana has more than 10 percent of its budget saved in reserves.