Senator Dan Coats (R-Ind.) today issued the following statement in response to news that the state of Indiana will close the 2012 fiscal year with reserves of more than $2 billion and a structural surplus, meaning annual revenue in excess of annual expenses, of more than $500 million.
"This is a day of celebration for Hoosier taxpayers," Coats said. "In 2005, Indiana faced a $200 million deficit and our state had not balanced its budget for seven years. Governor Daniels and his team had a vision to make much-needed changes and the people of Indiana responded. While other states increased spending and raised taxes, Indiana reduced spending, cut taxes and paid down its debts. The governor's leadership along with the support of the legislature and the resolve of Hoosiers has transformed Indiana's balance sheet and made our state the most attractive place to do business in the Midwest. As Washington seeks answers to the fiscal crisis facing our federal government, Indiana should serve as a model for the nation."
According to Governor Mitch Daniels' office, with reserves totaling at least 14 percent of the state's budget, "most Hoosier taxpayers will receive their first automatic taxpayer refund when they file their state taxes in 2013." The refund will be in excess of $100 for a single filer or $200 for a joint return.