When the state of Indiana officially closed our fiscal books on June 30, we collected $1.24 billion more than was last forecasted, which has created over $6 billion in reserves. In short, Indiana’s economy continues an unprecedented growth rate, thanks to employers and employees investing their time and talent right here at home.
You’ll recall our automatic tax refund (ATR) formula kicked in earlier this year and the state began sending $125 to every taxpayer or $250 to those who file jointly, starting with those the Department of Revenue could transfer funds to electronically. Checks will be mailed for the remaining taxpayers beginning in August only because the specific paper supply required was delayed until then. Thank you for your patience.