Friday, April 8, 2022
Indiana is one of only six states with an automatic taxpayer refund law, and our state's strong fiscal and economic recovery following the COVID-19 pandemic allowed us to end Fiscal Year 2021 with enough money in state reserves to provide a taxpayer refund in 2022.
Since 2011, the automatic taxpayer refund law requires half of Indiana's excess reserve funds to go back to taxpayers, while the other half is used to pay down state pension obligations. The last time this refund was triggered was in 2012, and Senate Republicans recently supported efforts to ensure even more taxpayers are eligible to receive the upcoming refund.
Senate Enrolled Act 1 adjusts this law to ensure that every Hoosier who should qualify for a refund will get one. Without these changes, around 900,000 taxpayers would not get the refund.
In total, about $545 million will be distributed statewide to those who qualify. Each state income taxpayer is set to receive about $125 through the 2022 refund.
Indiana's economic success has put our state in a great position moving forward, and Senate Republicans will continue to pursue initiatives that build on our state's impressive financial standing.
To learn more about SEA 1 and other bills passed, click here.
Indiana is in excellent financial shape thanks to years of fiscally conservative leadership. After hitting high enough reserves last year, Indiana's automatic taxpayer refund law was triggered, meaning $545 million will be returned to taxpayers across the state.
To learn more about how and when you will receive your refund, click here.
