Taxpayers in Indiana can expect a one-off $125 stimulus check called the Automatic Taxpayer Fund.
A second payment could also be close behind. Governor Eric Holcomb has proposed sending another payment of $225 for individuals and doubles that for married couples filing jointly.
This largesse has been mostly due to the steep surplus, and it would be giving to its residents around $1B.
There is not much that residents need to do to receive their stimulus check. People who have been residents of this state for close to a year and have filed their income tax returns for 2020 will automatically claim the $125 payment as revealed by the official website of the state.
Holcomb summoned the General Assembly for a July 6 special session. Legislators have until August 15 to finalize the proposed payment. Mr. Holcomb has revealed that this was the fairest. The efficient and fastest way to return the taxpayer’s money at a time they were facing the maximum strain to keep up with runaway expenses.
The Governor said that the economy of the state was growing at an unprecedented level and with the revenue overshooting the projected figures by $1B, it is but natural that the residents get back some of that money.
The Automatic Taxpayer Stimulus Check
The state law of Indiana states that all excess funds from the state budget are to be returned to residents through a refundable tax credit. The state this year has decided to return close to $545M.
Individual taxpayers will receive a $125 payment while $250 will go to married couples who file jointly.
Around 4.3M residents of Indiana get $125, comprising 85% of the adult population of the state.
The state has mentioned that it would dispatch direct stimulus checks by September. The revenue department revealed that taxpayers have been instructed to wait till then before contacting authorities for the status of the payment.