INDIANAPOLIS, Ind. (WBBM NEWSRADIO) -- Indiana residents are going to be getting refunds from the state after better-than-anticipated growth in tax revenue.
"We are going to give Indiana tax payers back some of their money," said Indiana State Auditor Tera Klutz.
Klutz said the state exceeded expectations.
"We kept seeing record revenue coming in, whether it was sales tax, income tax, corporate tax...
"As a result of our past reserve balance of $3.9 billion at the end of June, Indiana is poised to make an excess reserve transfer of $1.1 billion, which will be split between retirement funding and a refundable income tax credit for Hoosier tax payers," she said.
When the surplus reaches a certain level, the refunds kick in.
The last time this occurred was nearly 10 years ago, when the refunds were a little over $100.
The amount will be determined based on the number of people filing taxes.
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