Indiana governor plans to use $1B revenue surplus to refund every taxpayer

LOUISVILLE, Ky. (WDRB) -- Indiana Gov. Eric Holcomb plans to return $1 billion of funds to Hoosier taxpayers thanks to a fiscal year with higher-than-expected revenue.

In a news release Thursday, Holcomb's office said each Indiana taxpayer would receive about $225 on top of the $125 already coming from the automatic taxpayer refund (ATR). Together, each individual would receive about $350, and married couples filing jointly would receive about $700.

"Hoosiers have real needs right now during this period of high inflation, from the gas pump to buying groceries, and everyone should benefit from the state’s success," Holcomb said in a news release. "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. "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."

For 11 months of the last fiscal year, Holcomb's office said revenue came in $1.075 billion above the forecasted total.

The money would go to Hoosiers the same as the annual ATR payments — bank account or paper check.