Indiana taxpayers will receive refunds from the state, thanks to better-than-expected growth in tax revenue…
State Auditor Tera Klutz put it plainly: “We are going to give Indiana tax payers back some of their money.”
Klutz said the state exceeded expectations, with record revenue coming in from sales tax, income tax, and more.
At the end of June there was a balance of $3.9 billion, so an excess reserve transfer of $1.1 billion dollars will be split between retirement funding and a refundable income tax credit for Hoosier tax payers.
The last time this happened in the state was nearly 10 years ago. The amount will depend on the number of people filing taxes.