INDIANAPOLIS – An estimated 4.3 million Hoosiers will get something extra in their bank accounts this summer.

Gov. Eric Holcomb said Hoosiers should start receiving their $125 Automatic Taxpayer Refund “in the coming weeks.”

The governor said the money is effectively a 12% cut in the average Hoosier’s annual income tax liability. Approximately $545 million will be returned to taxpayers after the state ended its fiscal year with a surplus, triggering the automatic refund.

Married couples who filed jointly are expected to receive a one-time $250 refund.

“I’m beyond thrilled that this spring and summer we are returning money back into the hands of Hoosier taxpayers, where it belongs,” Holcomb said in a statement. “Our conservative fiscal leadership and pro-growth policies makes this tax refund possible for all Hoosier households.”

The state revealed back in December that Indiana taxpayers would get the refund after filing their 2021 taxes. The Department of Revenue and Auditor of State’s Office will work together to distribute the money.

Most of the payments are expected to come via direct deposit. Some taxpayers will get a check mailed to them instead.

Direct deposits will start hitting bank accounts at the beginning of May and continue through July, Holcomb said. The state expects to mail checks starting in late July. The checks will continue through August, with the goal of having all payments distributed by Sept. 1.

The refund is separate from any money Hoosiers may have received after filing their individual state income tax return.

Holcomb said no additional action is required for Hoosiers to receive their money.