Indiana officials say that one-time payouts to eligible taxpayers should begin hitting bank accounts this month, with checks being sent out later this summer to other residents.
Under the provisions of the ‘Use of Excess Reserves’ law in the state, all Indiana taxpayers that are eligible for the program will receive a one-time refund of $125 in the coming weeks and months.
The payout will be issued separately from tax refunds, officials said. Lawmakers credit the state’s “competitive tax environment” for the one-time payouts.
According to the state’s website, all Indiana residents who filed a state tax return for the 2020 tax year with a postmark date of Jan. 3, 2022 or earlier are eligible for the payments. That includes residents who filed taxes using Form IT-40, Form IT-40PNR, or Form SC-70.
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Those residents who have their direct deposit information on file with the state could see their payments arrive as soon as this week, and payments will continue through the summer.
For those residents whose information is not on file, checks are expected to be mailed out later this summer. These individuals will receive the checks:
-Those who filed for an extension on their taxes on their 2021 tax returns
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-Residents who included direct deposit information for an account associated with refund advance loans
-Those residents whose automatic taxpayer refund couldn’t be deposited directly into a bank account.
Residents should allow until Sept. 1 to receive their payments. Additional guidance, and more information, can be found on the state’s website.
