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IC 4-10-22-1
Calculation of state reserves
Effective 1-1-2012.
Sec. 1. After the end of each state fiscal year, 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 of each year.
As added by P.L.229-2011, SEC.44.
IC 4-10-22-2
Determination of excess reserves; presentation to budget
committee
Effective 1-1-2012.
Sec. 2. If the total amount of state reserves calculated by the
office of management and budget exceeds ten percent (10%) of the
general revenue appropriations for the current state fiscal year, and
if 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 of the
year.
As added by P.L.229-2011, SEC.44.
IC 4-10-22-3
Transfer of excess reserves
Effective 1-1-2012.
Sec. 3. After completing the presentation to the state budget
committee described in section 2 of this chapter, the governor shall:
(1) 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; and
(2) use fifty percent (50%) of any excess reserves for the
purposes of providing an automatic taxpayer refund under
section 4 of this chapter.
As added by P.L.229-2011, SEC.44.
IC 4-10-22-4
Refund of excess reserves to taxpayers
Effective 1-1-2012.
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:
IC 4-10-22-5
Appropriation
Effective 1-1-2012.
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.