INDIANAPOLIS — Last December, Governor Eric Holcomb announced 4.3 million Hoosier taxpayers will receive a state tax refund - but you won't be seeing the money quite yet.
"Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves," Gov. Holcomb said in a press release. "We have an obligation to put this money back in the hands of taxpayers instead of leaving it in the hands of government."
The refund amount is $125 and represents a 12% to 13%, one-time tax cut.
But you will not see the money when you file your 2021 taxes, so do not count on it with your regular return. Instead, the payment will come after you file your 2021 taxes.
When exactly that payment hits is still up in the air.
The release from Holcomb's office says once legislation passes, the Department of Revenue will begin processing payments for taxpayers.
The DOR expects to to have all refunds for Indiana taxpayers completed by the April 18, 2022 filing deadline by May 1, 2022. The agency will provide further information about the extra money in 2022.