State Income Tax Return: Will the State of Indiana reimburse you for a surplus of $ 125?

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Iif you pay taxes in the Indiana State we have good news for you, due to the good finances of the state, when you file your annual return for 2022 you will receive in return $ 125 for the remainder for fiscal year 2021.

Under Indiana law, if reserves, other than education, exceed 12.5% from the general fund, the taxpayer will get his fair share.

Good news for taxpayers

Indiana exceeded all expectations

Governor Eric Holcomb

It turns out that since last July, the posted reserves were around $ 4 billion, that is to say 23% of the general fund, it was a given that taxpayers would receive part of this surplus, but it was not known how much until Wednesday’s announcement.

“Despite a pandemic, Indiana exceeded all expectations and closed the state’s fiscal year with an unprecedented amount of reserves,” Gov. Eric Holcomb said. “We have an obligation to put this money back into the hands of taxpayers instead of leaving it in the hands of the government.”

And the good news doesn’t end there, according to Speaker of the House Todd Huston, the entire state government will get to work to ensure that those who fail to file annual returns because of their low income – a total of around 910,000 contributors – find a way to claim a refund.

This has not happened since 2013

This is not the first time this has happened in Indiana, but it is quite rare, the last time this economic situation occurred was under the Mitch daniels administration in the distant 2013, eight years ago.

According to projections, this situation could be repeated in 2022, the withdrawal of tax payments on productive activities of economic stimulus due to the Covid-19 pandemic have the Hoosier state in an enviable position.

“We did the right thing by devising a formula that would return that money if it hit a certain limit,” Holcomb said.

On reducing some taxes, however, Holcomb preferred not to be so optimistic about it.

“We entertain more,” said Holcomb. “But we’ll see what the House and Senate have to say on this, too.”


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