Big jump in Indiana budget surplus triggering tax refund
3 years, 5 months ago

Big jump in Indiana budget surplus triggering tax refund

Associated Press  

INDIANAPOLIS — A big jump in Indiana’s state tax collections over the past few months announced by state officials Wednesday will result in a refund for taxpayers, although they’ll have to wait until next year for that money. That will reduce 2021 tax bills, but the state won’t be sending out budget surplus refund checks, said Cris Johnston, director of Indiana’s Office of Management and Budget. While the 2012 refund amounted to $111 for individual income tax filers, state officials won’t determine the new refund size until perhaps November when they know the number of 2020 Indiana tax filers, Johnston said. Eric Holcomb ordered many state agencies to cut spending by 15% and Johnston said some economic forecasts didn’t project state tax revenues fully bouncing back until 2024.

Republican State Tax Revenue Johnston State Officials Indiana Budget Surplus Refund  reserves  state  triggering  spending  surplus  refund  states  billion  indiana  budget  tax  revenue  collections  jump  big  johnston

History of this topic

Indiana GOP lawmakers settle on $200 for tax rebate payments
2 years, 4 months ago

Indiana GOP lawmakers settle on $200 for tax rebate payments

Associated Press  

INDIANAPOLIS — All Indiana taxpayers would be eligible for $200 rebate payments from the state’s surging budget surplus under an apparent deal reached Thursday among Republican legislators. Republican House Ways and Means Committee Chairman Tim Brown said the package was an agreement with Senate negotiators. The plan endorsed Thursday in a largely party-line vote by the House will dedicate about …

Indiana Republicans still split on tax rebate proposal
2 years, 4 months ago

Indiana Republicans still split on tax rebate proposal

Associated Press  

INDIANAPOLIS — Indiana Republican lawmakers remained far from agreement Wednesday on whether to go along with the governor’s proposal to give each taxpayer a $225 rebate from the state’s surging budget surplus. The Senate plan would also cap until next summer the state’s gasoline taxes at about one cent less than the current record level of 62.4 cents a gallon. …

Indiana GOP senators not keen on governor’s tax rebate plan
2 years, 5 months ago

Indiana GOP senators not keen on governor’s tax rebate plan

Associated Press  

INDIANAPOLIS — A proposal from Indiana’s governor to give each taxpayer a $225 rebate from the state’s surging budget surplus would be scuttled if legislators were to adopt a much more modest plan from by state Senate Republicans. The leaders of the Republican-dominated House back Holcomb’s proposal and have put forth a bill that would distribute about 16% of the …

Indiana sees big budget surplus jump as tax refund eyed
2 years, 5 months ago

Indiana sees big budget surplus jump as tax refund eyed

Associated Press  

INDIANAPOLIS — Indiana’s surging tax collections over the past year have pushed state government’s budget surplus up more than 50% to about $6.1 billion as legislators prepare to take up a proposal for a second round of refund payments from that surplus, state officials announced Friday. Some Republican legislators have raised concerns about spending reserves on refunds when inflation is …

Indiana governor sets special session on tax refund plan
2 years, 6 months ago

Indiana governor sets special session on tax refund plan

Associated Press  

INDIANAPOLIS — A special session of the Indiana Legislature will begin July 6 to take up the governor’s proposal for sending out $225 payments to all taxpayers from the state’s growing budget surplus. “Indiana’s economy is growing and with more than $1 billion of revenue over current projections, Hoosier taxpayers deserve to have their money responsibly returned.” Republican legislative leaders …

Indiana gas tax increases while state eyes inflation relief
2 years, 6 months ago

Indiana gas tax increases while state eyes inflation relief

Associated Press  

INDIANAPOLIS — Indiana will see another increase in state gasoline taxes starting July 1 amid promises of inflation relief — including a proposal to issue direct payments to Indiana residents later this month. The state’s residents will pay 62 cents per gallon in taxes on gasoline, the state Department of Revenue announced Monday — another jump from June’s record-high 56 …

Indiana lawmakers approve deal on multiyear income tax cut
2 years, 9 months ago

Indiana lawmakers approve deal on multiyear income tax cut

Associated Press  

INDIANAPOLIS — Indiana’s individual income tax rate would be gradually cut over the next seven years under a Republican-driven plan approved by legislators early Wednesday. The bill would cut the state’s current income tax rate of 3.23% to 2.9% in small steps until its planned full implementation in 2029 but not include some business tax cuts that faced resistance from …

Prospects for Indiana tax cuts boosted by governor’s support
2 years, 10 months ago

Prospects for Indiana tax cuts boosted by governor’s support

Associated Press  

INDIANAPOLIS — Indiana legislators pushing for significant tax cuts are now getting some support from Gov. The governor has sided for months with state Senate Republican leaders reluctant to embrace major tax cuts, citing uncertainty about the economy despite recent big growth in state tax collections that led House Republicans to push a plan for broad business and individual tax …

Indiana tax cut plan hits wall with state Senate opposition
2 years, 10 months ago

Indiana tax cut plan hits wall with state Senate opposition

Associated Press  

INDIANAPOLIS — The prospects for major Indiana tax cuts dimmed further Tuesday as a leading state senator said he and other senators were “entrenched” in first paying down state debts. That comment came as the Senate’s tax committee stripped provisions from a House-endorsed bill that would have potentially cut more than $1 billion a year in various business and individual …

Indiana officials projecting big jump in budget surplus
3 years ago

Indiana officials projecting big jump in budget surplus

Associated Press  

INDIANAPOLIS — Indiana officials on Thursday projected booming growth in the state budget surplus, setting up a debate during the upcoming legislative session over possible tax cuts. Some members of the Republican-dominated Legislature were already pushing for tax cuts before the new projections as the $3.9 billion in cash reserves the state had this past June triggered Indiana’s automatic taxpayer …

Discover Related