STATEHOUSE (July 14, 2021) –  “We must never forget this is the people’s money. This tax refund is yet another sign conservative policies and fiscal responsibility pay off for everyday hardworking Hoosiers. This refund is good news on top of our recently passed budget, which responsibly pays down $1 billion in debt while providing opportunities for future tax cuts and reforms,” said State Rep. Matt Hostettler (R-Patoka).

“Thanks to the fiscal stewardship of Indiana Republicans, Hoosier taxpayers will keep more of their hard-earned money. This tax refund comes on the heels of a two-year budget, which pays down state pension debt and makes record investments in K-12 education,” said State Rep. Wendy McNamara (R-Evansville).

“While lawmakers in Washington D.C. continue to print money and enlarge our national debt to an unthinkable $28 trillion, Hoosier legislators are returning money back to the people in the form of an automatic tax refund. For many Indiana taxpayers, this extra $170 or $340 will be a help for their families,” said State Rep. Tim O’Brien (R-Evansville).

 Click here for the formal announcement.

https://www.indianahouserepublicans.com/clientuploads/2021/PDF/Auditor_Klutz_Announces_%243.9_Billion_State_Reserve.pdf

FOOTNOTE: The following statements from State Reps. Matt Hostettler (R-Patoka), Wendy McNamara (R-Evansville) and Tim O’Brien (R-Evansville) in your coverage of Indiana Auditor of State Tera Klutz announcing the state will end the fiscal year with $1.1 billion in excess reserves triggering an automatic taxpayer refund.

While the final refund amount will not be calculated until later this year, early estimates suggest the refund could be as high as $170 per individual filer or $340 for joint filers. In Indiana, reserve balances in excess of 12.5% of the next year’s budget is required to be split with half dedicated to pay down pension obligations and the other half given back to taxpayers. According to the report, about $545 million will go to taxpayers and another $545 million toward pension liabilities. This will be the second time Hoosiers will receive an automatic taxpayer refund since the law passed in 2011.

 U.S. Sen. Mike Braun has joined Sen. Ron Johnson (R-Wis.) and Sens. Rick Scott (R-Fla.), Marsha Blackburn (R-Tenn.), Mike Lee (R-Utah), Ted Cruz (R-Texas), Rand Paul (R-Ky.), Mike Braun (R-Ind.), Cynthia Lummis (R-Wyo.), and Bill Hagerty (R-Tenn.) to release the following joint statement in response to Democrats’ partisan spending package.

“Our nation is nearing $30 trillion in debt. There is a day of reckoning if we don’t get our fiscal house in order. We appreciate our colleagues’ efforts to get a bipartisan deal done. But supporting this infrastructure deal enables the Democrats to pass their $3.5 trillion spending package. Joe Biden said it himself: These two issues are welded together.

“Everyone agrees America needs to invest in infrastructure. But with our national debt growing out of control and Democrats dedicated to passing a 100% partisan blowout spending package totaling $3.5 trillion, we cannot support any additional deficit spending on Joe Biden’s, Nancy Pelosi’s, Chuck Schumer’s and Bernie Sanders’ liberal wish list.

“We can pay for needed infrastructure without incurring additional debt by instead repurposing previously appropriated but unspent funds. We urge our colleagues to support an alternative approach and recognize that supporting an infrastructure bill that authorizes new spending also enables the Democrats’ $3.5 trillion tax-and-spend budget. We must stop mortgaging our children’s and grandchildren’s futures.”