budget surplus

Daniels Announces Hoosier Tax Credits

Rick Howlett and The Associated Press — Wed, 21 Nov 2012 17:26:45 +0000

Indiana taxpayers will receive a $111 credit on their state income tax returns next year as the state distributes part of its budget surplus.

Gov. Mitch Daniels announced the credit today.

It will be $222 for couples filing joint returns. The credit represents the automatic taxpayer refund plan that Daniels pushed through the state legislature last year.

That refund kicked in with the state's reserves reaching about $2.1 billion.

2012 Budget Ends With $45 Million Surplus Thanks to Boost in Income, Sales Taxes

Kenny Colston — Thu, 26 Jul 2012 19:34:35 +0000

Despite accounting mistakes and unforeseen disaster relief expenses, state government is closing the 2012 budget with another surplus.

State Budget Sees Small Surplus

Kenny Colston — Tue, 10 Jul 2012 17:59:23 +0000

Despite dim outlooks, the Commonwealth of Kentucky has turned a budget surplus for the second year in a row.

The last fiscal year closed with an additional $83 million in the General Fund. The road fund has a $31 million surplus.

The extra revenue has two potential uses. First, the state can make emergency payments, like putting additional money to cleaning up tornado damage in Eastern Kentucky.

And it can send money to the rainy day fund to help build back Surpluses that were spent during the recession.