Indiana has been considering sending monetary help to their residents, and finally, on Friday, the lawmakers approved sending out the tax rebate. This one-time stimulus check from Indiana will be $200. The final rebate amount is $25 less than what was initially proposed by Gov. Eric Holcomb.
$200 Stimulus Check From Indiana: Who Will Get It?
On Friday, the Indiana governor signed a relief bill (Senate Bill 2) that authorizes sending $200 in rebate payments to eligible residents. Married couples filing jointly will be eligible to get $400. Lawmakers have set aside $1 billion to send out this one-time stimulus check from Indiana. It is estimated that the rebate will benefit about 4 million taxpayers.
There will be no restrictions on who will get the payment, which means the rebate will go to anyone who filed a 2020 or 2021 tax return. Moreover, those who didn’t file a tax return last year will be able to claim the $200 rebate as a future tax credit. As well, those on social security or disability and those who don’t file taxes will be able to apply for the rebate in 2023.
Gov. Holcomb first introduced the proposal to send a one-time rebate earlier in June. However, at the time, the governor proposed sending $225 to eligible residents.
Some Republican lawmakers objected to the amount, arguing that some of the money should go toward the state’s teacher pension fund or for offering a utility tax holiday. Moreover, state Senate Republicans also expressed concerns that giving out more money could worsen inflation.
Finally, the lawmakers agreed on Senate Bill 2 which sends $200 to taxpayers. The proposal was approved by a 37-9 vote during a special legislative session last week.
Some Could Get Combined Checks
This $200 rebate supplements the $125 automatic tax refund that was approved earlier this year. Most eligible taxpayers would have already received this tax refund, while those still waiting could get the money next week. Initially, a paper shortage delayed the checks by several weeks.
Those who haven’t yet gotten the $125 refund and are eligible for the new rebate as well, would receive the two checks combined. This means that individual taxpayers will get $325, while married couples filing jointly will get $650. Sending the two rebates together will result in a savings of more than $1 million toward processing, printing and postage fees, said the Auditor of State’s office.
Along with sending a $200 stimulus check from Indiana, Senate Bill 2 also sets aside money for the state’s teacher pension fund. Moreover, the bill caps the state’s gas tax at $0.29 through the end of June 2023, as well as offers a sales tax exemption for children’s diapers. Senate Bill 2 also forms a Families First Fund of $45 million with the objective of offering social services to expecting mothers.
“The exemplary teamwork and seriousness of purpose put into each element of SEA 2 is a testament to the elected leaders who helped shape it,” Gov. Holcomb said in a statement.
This article originally appeared on ValueWalk
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