Indiana to return money to taxpayers after surprise influx of revenue [View all]

Hoosier taxpayers will see an unexpected refund worth a combined $545.3 million when they file their taxes in 2022 due to end-of-the-fiscal-year state revenue numbers that have exceeded expectations.

That money will be divided evenly among taxpayers, but how much money each Hoosier will get back depends on how many Hoosiers file taxes in 2021, a number the state will not know until later this year.

Under Indiana law, if Indiana's reserves are 12.5% of general fund appropriations or higher excluding K-12 education reserves, Hoosiers get some of that money back in the form of a tax credit.

Hoosiers who file taxes this year will be eligible.

Read more: https://www.indystar.com/story/news/politics/2021/07/14/indiana-tax-refund-2021-taxpayers-child-credit-state-revenue-irs/7965217002/