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Indiana Finds Misplaced 300 million!

Indiana Finds Misplaced 300 million!

Postby Happy Mom » Thu Dec 08, 2011 8:00 am

State of Indiana finds extra $300 million
Tax collections placed in incorrect account


Updated: Wednesday, 07 Dec 2011, 9:47 AM EST
Published : Wednesday, 07 Dec 2011, 5:30 AM EST

Indianapolis, Ind. (WISH) - An auditor with the State Department of Revenue discovered $300 million in corporate taxes paid in since 2007 were misdirected at the state level, Indiana Governor Mitch Daniels announced Tuesday.

As a result, the money has been earning interest and had not been placed into the general fund until recently.

With a growing economy and the addition of the $300 million, the governor is now hopeful Indiana tax payers could receive an automatic refund in 2013. :clap: :clap: :clap: :clap: :clap:

Last year, the Indiana General Assembly passed a Daniels proposal that calls for automatic tax refunds if the state surplus exceeds 10% of the budget. In that circumstance, half of the excess would go to a teacher pension fund and half would go toward tax refunds.

Daniels said Tuesday if current projections hold, Indiana tax payers could be in line for a tax refund in the neighborhood of $50.
http://www.wlfi.com/dpp/news/local/stat ... 00-million
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Re: Indiana Finds Misplaced 300 million!

Postby bdcbbq » Thu Dec 08, 2011 11:22 am

Happy Mom wrote:State of Indiana finds extra $300 million
Tax collections placed in incorrect account


Updated: Wednesday, 07 Dec 2011, 9:47 AM EST
Published : Wednesday, 07 Dec 2011, 5:30 AM EST

Indianapolis, Ind. (WISH) - An auditor with the State Department of Revenue discovered $300 million in corporate taxes paid in since 2007 were misdirected at the state level, Indiana Governor Mitch Daniels announced Tuesday.

As a result, the money has been earning interest and had not been placed into the general fund until recently.

With a growing economy and the addition of the $300 million, the governor is now hopeful Indiana tax payers could receive an automatic refund in 2013. :clap: :clap: :clap: :clap: :clap:

Last year, the Indiana General Assembly passed a Daniels proposal that calls for automatic tax refunds if the state surplus exceeds 10% of the budget. In that circumstance, half of the excess would go to a teacher pension fund and half would go toward tax refunds.

Daniels said Tuesday if current projections hold, Indiana tax payers could be in line for a tax refund in the neighborhood of $50.
http://www.wlfi.com/dpp/news/local/stat ... 00-million



While the refund would be nice, a better use of the money would be to eliminate the teacher's union.
Last edited by bdcbbq on Fri Dec 09, 2011 3:31 pm, edited 1 time in total.
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Re: Indiana Finds Misplaced 300 million!

Postby southsider » Thu Dec 08, 2011 6:18 pm

how do you lose 300M????
Why wasn't this discovered years ago?

What do teachers unions have to do with someone misplacing 300M and not noticing it is missing for almost 5 years????? So the state just has an account with 300M just lying around????
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Re: Indiana Finds Misplaced 300 million!

Postby Wilson » Fri Dec 09, 2011 3:29 pm

It should ALL be returned to those taxpayers who paid their taxes. Why are we giving a portion to the teachers retirement fund? BAILOUT?
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Re: Indiana Finds Misplaced 300 million!

Postby bdcbbq » Fri Dec 09, 2011 3:33 pm

CLARIFICATION.

In my post above my comment "While the refund would be nice, a better use of the money would be to eliminate the teacher's union." was inadvertently included within the quoted article. Sorry for any confusion this may have caused.
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