Some taxpayers will be pleasantly delighted to find an additional $125 slapped onto their return when they submit their taxes the following year.
Hundreds of thousands of Indiana citizens will benefit from the payment, which will be made possible by the state’s $4 billion in reserves.
Indiana’s law mandates that taxpayers receive a return if the state’s reserves account for more than 12.5 percent of the state’s general funding pool.
It has been reported in The Sun that the $4 billion represents 23 percent of the general fund.
It was revealed in July that citizens of the state would be eligible for a refund, but it was unclear how much would be given back at the time.
Residents will now receive checks in the amount of $125, which will include a number of residents who pay taxes but do not earn enough to be required to file taxes.
Residents can choose how they want to receive their refunds on their tax returns, and the refund will appear in the manner in which they selected.
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In the past, residents have received an automatic return; the most recent occasion they did so was in 2013.
Residents will receive a payment in the mail again if the state generates enough revenue next year.
