A surprise stimulus check will be available to some Indiana residents when they file their tax returns next year. This Indiana coronavirus stimulus check will amount to $125 and come with the recipients’ tax refund.
For much of the past decade, Crispin Odey has been waiting for inflation to rear its ugly head. The fund manager has been positioned to take advantage of rising prices in his flagship hedge fund, the Odey European Fund, and has been trying to warn his investors about the risks of inflation through his annual Read More
The Indiana coronavirus stimulus check will be available to millions of residents who pay taxes. This payment is the result of the state’s massive $4 billion in reserves. Indiana law requires the authorities to refund a set amount if the reserves, excluding education, exceed 12.5% of the general fund.
Indiana’s around $4 billion in reserves amounts to around 23% of its general fund. In July, the authorities revealed that the total refund amount would be $545.3 million. However, at the time, they didn’t reveal the amount that individual taxpayers would get.
“Despite a pandemic, Indiana exceeded all expectations and closed the state fiscal year with an unprecedented amount in reserves,” Indiana Governor Eric Holcomb said. “We have an obligation to put this money back into the hands of taxpayers instead of leaving it in the hands of (the) government.”
Those eligible for the Indiana coronavirus stimulus check would get the payment through direct deposit or mail, depending on how they file their tax return next year. Indiana residents last received a similar payment (automatic tax refund) in 2013. It is possible that residents could get checks again if the state revenue exceeds the target.
"We did the right thing by putting a formula together that would send that money back if it hit a certain limit," Holcomb said.
Other States Sending Similar Money
Apart from Indiana, California residents may also get some money next year because of more than expected reserves. The state is estimated to have a $31 billion surplus. This surplus would allow the state to distribute money in a way that would benefit taxpayers, including sending stimulus checks.
“How we framed that historic surplus last year, similarly, we will frame our approach this year,” Governor Gavin Newsom said.
Meanwhile, California continues to send stimulus checks under the Golden Stimulus II package. It is estimated that the authorities would have mailed over 800,000 stimulus checks by December 17. These checks amount to between $600 and $1100.
California will continue to send the payment until December 31. The payments sent via mail are expected to take up to three weeks (from the date of issue) to arrive. So, all the payments are expected to have been completed by January 21.
Another state that is sending stimulus money to residents is Maine. The state is sending $285 to more than 500,000 Maine residents. Those with an income of less than $75,000 ($150,000 for joint filers) will qualify for this payment. The authorities are sending the stimulus checks in batches, and payment should arrive by December 31.