Indiana Taxpayers Set to Receive Tax Credit in the Spring of 2022
Posted on Thursday, July 22, 2021
ShareIndiana 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.
Posted in Tax Topics For Individuals
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