Indiana Taxpayers Set to Receive Tax Credit in the Spring of 2022

Indiana taxpayers are set to receive a tax credit of up to $170 for single filers or $340 for joint filers on their 2021 tax returns.  This is a refund to Indiana taxpayers worth approximately $545.3 million.  The actual amount will be determined later in the year. 

The State of Indiana recently closed its fiscal year with cash reserves of $3.9 billion, which is approximately 23% of the State’s annual expenditures.  Under the Indiana Automatic Taxpayer Refund Bill that was passed in 2011, Hoosier residents are entitled to a tax credit if the reserves get above 12.5% of the annual budget.   

This marks the second time that Indiana taxpayers will receive the credit.  In 2012, taxpayers received a credit of $111 per taxpayer.