INDIANAPOLIS — Indiana Gov. Eric Holcomb announced a plan that would return a total of $1 billion to Hoosier taxpayers.
Each taxpayer would get about $225 in addition to the $125 they are already getting in automatic refunds, according to a press release from his office.
In a press release, Holcomb said the refunds should benefit Hoosiers as they experience high inflation and gas prices.
“I’ve met with Speaker Huston and Senator Bray and have asked them to discuss getting a billion dollars back into Hoosier hands with their colleagues,” Holcomb said. “I’ve committed to work with them to call a special session before the end of June to take action to align this second round of returns with our current ATR.”
According to the release, the state's reported revenue for May was $209 over the forecast. For 11 months of the fiscal year, the state's revenues are $1.075 billion over forecast.
If the governor's proposal is approved, the additional refund would be deposited to Hoosiers' bank accounts. Those who get paper checks in August will get one check for the total refund amount.
Indiana House Speaker Todd Huston, R-Fishers, said he "fully supports" the governor's proposal and calls for a special session.
“By issuing another round of automatic taxpayer refunds, we can provide quick and substantial relief while maintaining the state's prudent reserves and providing budget flexibility moving forward," Huston said in a statement. "We'll work with the governor and our Senate colleagues on scheduling a special session, so we can return to the Statehouse and do what's right by Hoosiers."
Indiana Senate President Pro Tem Rodric Bray, R-Martinsville, said the state wants to provide "some help where possible."
"We recognize many Hoosiers are facing uncertainty, in large part due to the unprecedented level of inflation our nation is experiencing," Bray said in a statement. "While this is a product of policies from Washington, D.C., we want to provide some help where possible. Thanks to Indiana's continued fiscal prudence, we can consider providing some relief to Hoosiers who are trying to adapt to today's challenges by returning some of their hard-earned money back to them."
Lauren Ganapini, the executive director of the Indiana Democratic Party, released the following statement:
Indiana Democrats had the foresight and called on the state to pause its gas tax back to help Hoosiers make ends meet. This win-win solution only adds to the Democrats’ plan to address rising costs across the state. But unfortunately, the Indiana GOP proves (again) they have no plans for our future - just election-year performance and partisanship. It’s encouraging to see Governor Holcomb and Indiana Republicans finally realize that there are ways the state government can combat global inflation. That said, it shouldn’t have taken this long to get the Republicans to actually act and produce what looks like another bare-minimum band-aid for Indiana’s long-term problems.
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