Holcomb Announces New Tax Refund
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Governor Eric Holcomb says an estimated 4.3 million taxpayers will receive a $125 refund after filing their 2021 taxes. Holcomb’s office says it is working with the Indiana General Assembly on legislation to streamline the process and make an additional 910,000 taxpayers eligible for the credit.
In total, an estimated $545 million will be returned to Hoosiers.
“Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves,” said Holcomb. “We have an obligation to put this money back in the hands of taxpayers instead of leaving it in the hands of government.”
According to Holcomb’s office, the payment represents a 12-13% one-time tax cut.
The Department of Revenue is expected to begin processing payments for taxpayers once legislation passes. Holcomb’s office says the DOR will provide additional information next year once details are finalized.