| With April 15 right around the corner, there seems to be one thing on all of our minds: taxes. The dreaded process is less cumbersome this year given Indiana's Automatic Taxpayer Refund will return some of your hard-earned money. In 2011, as Indiana began to surface from the recession, the General Assembly worked hard to keep government spending at bay and cap government collections at a cautious and maintainable level. By doing this, Indiana was able to pay down its debt, fund its obligations and build a healthy reserve in case of a double-dip recession. As our state became financially sound and secure, we wanted to put any additional money, above a healthy balance of 10 percent of the General Fund, back into the hands of Hoosiers. This year's tax filing marks the first time the Automatic Taxpayer Refund has been available, providing tax relief for Hoosiers in the amount of $111 for single filers and $222 for joint filers. More than 1.5 million taxpayers have already taken advantage of the refund credit with $171 million being returned. Indiana closed the 2012 Fiscal Year with more than $2.1 billion in reserves or 15 percent of the state's budget. With a typical taxpayer liability of $850, the refund represents a median tax cut of about 13 percent for the average Hoosier. Because of the General Assembly's fiscal stewardship, $360.6 million has been allocated in the Automatic Taxpayer Refund to be put back into the hands of hard working Hoosiers. There are about 335,000 Hoosier taxpayers who are receiving a refund in 2013 who otherwise would have owed taxes without the Automatic Taxpayer Refund. This will also result in about 890,000 Hoosier taxpayers receiving at least a 25 percent income tax reduction. I am proud of our reputation as fiscal conservatives, and I will do my best to keep the momentum going. I will continue to keep you informed on what we are doing at the Statehouse to protect your tax dollars. To track any piece of legislation, visit www.in.gov/legislative. I look forward to hearing your feedback on this issue as we continue to weigh the merits of funding our state's priorities. |
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