INDIANA (WBBM NEWSRADIO) -- Indiana officials are working on a plan that the governor’s office says will result in taxpayers receiving $125 from a budget surplus.
The state estimates that 4.3 million Indiana taxpayers will be getting the refunds in the spring after stronger than expected tax collections led to record-high cash reserves of $3.9 billion as of the end of June.
“Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves," said Governor Eric Holcomb in a statement.
He also said that the state has “an obligation to put this money back in the hands of taxpayers," because it's the law.
The last time the refunds were triggered was 2012. The tax collections have continued to be better than expected. Now, there’s talk of potentially cutting taxes.
But Senate republicans are saying ‘not so fast,’ concerned that the current situation may not last.
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