Indiana § 4-10-22-4 Refund of excess reserves to taxpayers

Indiana Statutes

§ 4-10-22-4 — Refund of excess reserves to taxpayers

Indiana·Art. 10 STATE FUNDS GENERALLY·Ch. 22 Use of Excess Reserves

The following apply if sufficient excess state reserves are available to provide an automatic taxpayer refund to each taxpayer eligible for a refund:

(1)To qualify for a refund, a taxpayer must have filed, by the end of the calendar year in which a determination is made under section 1 of this chapter that the state has excess reserves, an Indiana resident individual adjusted gross income tax return for the taxpayer's taxable year ending in the calendar year immediately preceding the calendar year in which such a determination is made.

(2)The amount of the refund is determined for each qualifying taxpayer as follows: STEP ONE: Determine the total amount of excess state reserves that under section 3 of this chapter are available to provide automatic taxpayer refunds. STEP TWO: Determine t

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The following apply if sufficient excess state
reserves are available to provide an automatic taxpayer refund to each
taxpayer eligible for a refund:
(1) To qualify for a refund, a taxpayer must have filed, by the end
of the calendar year in which a determination is made under
section 1 of this chapter that the state has excess reserves, an
Indiana resident individual adjusted gross income tax return for
the taxpayer's taxable year ending in the calendar year
immediately preceding the calendar year in which such a
determination is made.
(2) The amount of the refund is determined for each qualifying
taxpayer as follows:
STEP ONE: Determine the total amount of excess state reserves
that under section 3 of this chapter are available to provide
automatic taxpayer refunds.
STEP TWO: Determine the total number of taxpayers that
qualify for a refund under subdivision (1).
STEP THREE: Determine the result of:
(A) the STEP ONE result; divided by
(B) the STEP TWO result;
as rounded to the nearest dollar.
(3) The refund is a refundable credit that shall first be applied as
a credit against adjusted gross income tax liability in the
taxpayer's taxable year in which a refund is provided. Any
remaining unused credit shall be refunded to the taxpayer. The
credit may not be carried forward.
(4) If an individual and the individual's spouse file a joint Indiana
resident individual adjusted gross income tax return for the
taxable year ending in the calendar year immediately preceding
the year in which a determination is made under section 1 of this
chapter that the state has excess reserves:
(A) the individual and the individual's spouse are considered
two (2) taxpayers for purposes of determining the amount of the
refund under subdivision (2) for a qualifying taxpayer; and
(B) the amount of the refund that the individual and the
individual's spouse are entitled to claim is equal to the amount
of any refund determined under subdivision (2) for a qualifying
taxpayer, multiplied by two (2).
(5) The refund under this chapter is subject to IC 6-8.1-9-2, IC 6-8.1-9.5, and IC 6-8.1-9.7.