Gov. Holcomb signs inflation relief bill into law
UPDATE: Gov. Eric Holcomb on Friday night has signed a bill into law that includes $200 rebate payments.
INDIANAPOLIS (AP) — The Indiana House has approved a bill that includes $200 rebate payments from the state’s surging budget surplus.
Though less than Republican Gov. Eric Holcomb’s initially proposed $225 refunds, the bill approved Friday represents a concession from GOP senators who were reluctant to go along with that plan because they were concerned the rebates would further fuel inflation.
The compromise includes utilizing about $1 billion from the state’s record $6.1 billion in cash reserves for the rebates.
Another approximately $1 billion will flow toward a state teacher pension fund’s future obligations, a debt Senate Republican leaders have prioritized paying.