INDIANAPOLIS (AP) — An Indiana Senate committee is advancing a plan to put more money into state savings accounts before automatic tax refunds go out to taxpayers.
The Senate Appropriations Committee voted Thursday to rework the state's automatic tax refund. Republican Sen. Luke Kenley says the state should sock away more money before it begins sending automatic tax refunds to Hoosiers.
Lawmakers last year approved Gov. Mitch Daniels' plan to automatically send a portion of the state's savings back to taxpayers. Cash the state saves above 10 percent of its planned spending now is split evenly between the tax refund and a fund designed to pay down teacher pension liabilities.
The plan still faces consideration by the full Senate and the House. It would not take effect for at least a year.