Holcomb details proposal to send additional taxpayer refund

(Photo supplied/State of Indiana)

Eligible Hoosiers would receive an additional taxpayer refund under a proposal Gov. Eric Holcomb released Thursday morning.

Under the governor’s proposal, each taxpayer would get about $225 in addition to the $125 Hoosiers are currently receiving from the state’s automatic taxpayer refund (ATR). In total, Holcomb wants to return $1 billion of reserve money to Hoosiers.

Holcomb estimates that each eligible Hoosier would get about $350 while 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.

Holcomb says he has outlined his plan with legislative leaders.

“I’ve met with House Speaker (Todd) Huston and Senator (Rod) Bray and have asked them to discuss getting a billion dollars back into Hoosier hands with their colleagues. 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,” said Holcomb.

Huston responded to the Governor’s announcement.

“Inflation is having real and negative effects on everyday Hoosiers, whether it’s record gas prices or rising grocery and energy bills. That’s why I fully support the governor’s call for a special session to put more money directly back into taxpayers’ pockets. By issuing another round of automatic taxpayer refunds, we can provide quick and substantial relief while maintaining the state’s prudent reserves and providing budget flexibility moving forward. We’ll work with the governor and our Senate colleagues on scheduling a special session, so we can return to the Statehouse and do what’s right by Hoosiers,” said Huston.

The state’s reported revenues for May, released today, were $209 million over what was expected. For 11 months of the fiscal year, revenues are $1.075 billion over expectations.

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.

The Indiana Democratic Party called the Governor’s plan “meager.”

“It’s encouraging to see Governor Holcomb and Indiana Republicans finally realize that there are ways the state government can combat global inflation. That said, it shouldn’t have taken this long to get the Republicans to actually act and produce what looks like another bare-minimum band-aid for Indiana’s long-term problems. Indiana Democrats had the foresight and called on the state to pause its gas tax back to help Hoosiers make ends meet. This win-win solution only adds to the Democrats’ plan to address rising costs across the state. But unfortunately, the Indiana GOP proves (again) they have no plans for our future – just election-year performance and partisanship,” said Lauren Ganapini, Executive Director of the Indiana Democratic Party.

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