2011 Indiana Code
TITLE 4. STATE OFFICES AND ADMINISTRATION
ARTICLE 10. STATE FUNDS GENERALLY
CHAPTER 22. USE OF EXCESS RESERVES

IC 4-10-22
Chapter 22. Use of Excess Reserves

Effective 1-1-2012.

IC 4-10-22-1
Calculation of state reserves

Effective 1-1-2012.

Sec. 1. After the end of each state fiscal year, the office of management and budget shall calculate in the customary manner the total amount of state reserves as of the end of the state fiscal year. The office of management and budget shall make the calculation not later than July 31 of each year.
As added by P.L.229-2011, SEC.44.

IC 4-10-22-2
Determination of excess reserves; presentation to budget committee

Effective 1-1-2012.

Sec. 2. If the total amount of state reserves calculated by the office of management and budget exceeds ten percent (10%) of the general revenue appropriations for the current state fiscal year, and if the accounts payable by the state at the end of the preceding state fiscal year are not unusually large as a percentage of the total amount of state reserves (as compared to recent history), the governor shall make a presentation to the state budget committee regarding the disposition of excess state reserves under section 3 of this chapter. The presentation must be made not later than September 30 of the year.
As added by P.L.229-2011, SEC.44.

IC 4-10-22-3
Transfer of excess reserves

Effective 1-1-2012.

Sec. 3. After completing the presentation to the state budget committee described in section 2 of this chapter, the governor shall:
(1) transfer fifty percent (50%) of any excess reserves to the pension stabilization fund established by IC 5-10.4-2-5 for the purposes of the pension stabilization fund; and
(2) use fifty percent (50%) of any excess reserves for the purposes of providing an automatic taxpayer refund under section 4 of this chapter.
As added by P.L.229-2011, SEC.44.

IC 4-10-22-4
Refund of excess reserves to taxpayers

Effective 1-1-2012.

Sec. 4. 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: (A) must have filed an Indiana resident individual adjusted gross income tax return for the preceding two (2) taxable years; and
(B) must have paid individual adjusted gross income tax to the state for the preceding taxable year.
Individuals who file a tax return but do not pay any individual adjusted gross income tax to the state are not entitled to a refund.
(2) The amount of the refund is determined for each qualifying taxpayer on a pro rata basis, based on the qualifying taxpayer's portion of the total individual adjusted gross income tax liability paid by all qualifying taxpayers in the preceding taxable year.
(3) The refund shall be applied as a credit against adjusted gross income tax liability in the taxpayer's taxable year in which a refund is provided. The credit may not be carried forward.
As added by P.L.229-2011, SEC.44.

IC 4-10-22-5
Appropriation

Effective 1-1-2012.

Sec. 5. There is appropriated a sufficient amount in a state fiscal year to carry out this chapter.
As added by P.L.229-2011, SEC.44.