Ind. Code ch. 4-10-22

Ind. Code ch. 4-10-22
in effect

Ind. Code § 4-10-22-1 Calculation of state reserves

Sec. 1. (a) Subject to subsection (f), after the end of the state fiscal year beginning July 1, 2015, and ending June 30, 2016, and after the end of each odd-numbered state fiscal year thereafter, 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, 2016, and not later than July 31 of each odd-numbered year thereafter. (b) The office of management and budget may not consider a balance in the state tuition reserve account established by IC 4-12-1-15.7 when making the calculation required by subsection (a) in 2017 and in an odd-numbered year thereafter. (c) The office of management and budget shall consider a balance in the state tuition reserve account established by IC 4-12-1-15.7 when making the calculation required by subsection (a) in 2016. (d) This subsection applies in 2022. After the end of the state fiscal year beginning July 1, 2021, and ending June 30, 2022, 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. In making the calculation, the office of management and budget shall include a balance in the state tuition reserve account established by IC 4-12-1-15.7. The office of management and budget shall make the calculation of the combined reserve balance required by this subsection not later than July 31, 2022. (e) This subsection applies in 2024. After the end of the state fiscal year beginning July 1, 2023, and ending June 30, 2024, 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. In making the calculation, the office of management and budget shall include a balance in the state tuition reserve account established by IC 4-12-1-15.7. The office of management and budget shall make the calculation of the combined reserve balance required by this subsection not later than July 31, 2024. (f) This subsection applies in 2025. In making the calculation in calendar year 2025 under subsection (a), the office of management and budget shall include a balance in the state tuition reserve account established by IC 4-12-1-15.7. As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.2; P.L.205-2013, SEC.60; P.L.213-2015, SEC.40; P.L.146-2016, SEC.1; P.L.165-2021, SEC.38; P.L.201-2023, SEC.63.

Ind. Code § 4-10-22-1.5 Transfer of combined reserves in 2022

Sec. 1.5. This section applies only in calendar year 2022. Notwithstanding any other law, if, after the calculation required by section 1(d) of this chapter, the budget agency certifies that the state's combined reserve balance as calculated in section 1(d) of this chapter exceeds two billion five hundred million dollars ($2,500,000,000), the budget agency, after budget committee review, shall transfer the amount of combined state reserves that exceed two billion five hundred million dollars ($2,500,000,000) to the pre-1996 account (as defined in IC 5-10.2-1-5.5) for the purposes of the pre-1996 account. However, the amount transferred under this section may not exceed two billion five hundred million dollars ($2,500,000,000). As added by P.L.165-2021, SEC.39. Amended by P.L.138-2022, SEC.1.

Ind. Code § 4-10-22-1.6 Transfer of combined reserves in 2024

Sec. 1.6. This section applies only in calendar year 2024. Notwithstanding any other law, if, after the calculation in calendar year 2024 required by section 1(e) of this chapter, the budget agency certifies that the state's combined reserve balance as calculated in section 1(e) of this chapter exceeds three billion dollars ($3,000,000,000), the budget agency, after budget committee review, shall transfer the amount of combined state reserves that exceed three billion dollars ($3,000,000,000) to the pre-1996 account (as defined in IC 5-10.2-1-5.5) for the purposes of the pre-1996 account. As added by P.L.201-2023, SEC.64.

Ind. Code § 4-10-22-1.7 Transfer of combined reserves in 2025

Sec. 1.7. This section applies only in calendar year 2025. Notwithstanding any other law, if, after the calculation in calendar year 2025 required by section 1(a) of this chapter, the budget agency certifies that the state's combined reserve balance as calculated in section 1 of this chapter exceeds three billion dollars ($3,000,000,000), the budget agency, after budget committee review, shall transfer the amount of combined state reserves that exceed three billion dollars ($3,000,000,000) to the pre-1996 account (as defined in IC 5-10.2-1-5.5) for the purposes of the pre-1996 account. As added by P.L.201-2023, SEC.65.

Ind. Code § 4-10-22-2 Determination of excess reserves; presentation to budget committee

Sec. 2. If: (1) the total amount of state reserves calculated by the office of management and budget exceeds: (A) eleven and five-tenths percent (11.5%) of the general revenue appropriations for the current state fiscal year, in the case of a calculation made in calendar year 2016; or (B) twelve and five-tenths percent (12.5%) of the general revenue appropriations for the current state fiscal year, in the case of a calculation made in 2017 and in an odd-numbered year thereafter; and (2) 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, 2016, not later than September 30, 2017, and not later than September 30 of each odd-numbered year thereafter. As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.3; P.L.146-2016, SEC.2.

Ind. Code § 4-10-22-3 Transfer of excess reserves

Sec. 3. (a) This subsection does not apply in calendar year 2016 or calendar year 2025. If, after completing the presentation to the state budget committee described in section 2 of this chapter, the amount of the excess reserves is fifty million dollars ($50,000,000) or more, the governor shall do the following: (1) If the year is calendar year 2013, transfer one hundred percent (100%) of the excess reserves to the pension stabilization fund established by IC 5-10.4-2-5 for the purposes of the pension stabilization fund. If the year is calendar year 2014 or the calendar year is 2017 or an odd-numbered year thereafter other than calendar year 2023 or 2025, 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. If the year is calendar year 2023, transfer the first one billion dollars ($1,000,000,000) 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. (2) If the year is calendar year 2014 or the calendar year is 2017 or an odd-numbered year thereafter other than calendar year 2023 or 2025, use fifty percent (50%) of any excess reserves for the purposes of providing an automatic taxpayer refund under section 4 of this chapter. If the year is calendar year 2023, after transferring the first one billion dollars ($1,000,000,000) to the pension stabilization fund under subdivision (1), use the remaining excess reserves, if any, for the purposes of providing an automatic taxpayer refund under section 4 of this chapter. (b) This subsection applies only in calendar year 2016. If excess reserves exist, and after completing the calculation required in section 1 of this chapter and the presentation to the state budget committee described in section 2 of this chapter, the governor shall transfer one hundred percent (100%) of the excess reserves as follows: (1) Fifty-five percent (55%) of the excess reserves transferred shall be transferred to the state highway fund. (2) Forty-five percent (45%) of the excess reserves transferred shall be transferred to the local road and bridge matching grant fund established by IC 8-23-30. This transfer shall be made from the state general fund. Money transferred to the state highway fund under this subsection is appropriated from the state highway fund to the Indiana department of transportation for the Indiana department of transportation's use for preserving and reconstructing existing state highways and bridges for which the Indiana department of transportation is responsible. Money transferred to the state highway fund under this subsection does not revert to the state general fund at the end of a state fiscal year. As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.4; P.L.205-2013, SEC.61; P.L.91-2014, SEC.1; P.L.146-2016, SEC.3; P.L.180-2022(ss), SEC.1; P.L.201-2023, SEC.66.

Ind. Code § 4-10-22-4 Refund of excess reserves to taxpayers

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 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. As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.5; P.L.2-2022, SEC.1.

Ind. Code § 4-10-22-5 Appropriation

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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/4Fetched: 10/17/2026

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