Governor Eric Holcomb Thursday announced a plan to return $1 billion of state reserves to Hoosier taxpayers, following higher than expected revenue performance this fiscal year.

The Governor’s office says each taxpayer would collect about $225 in addition to $125 Hoosiers are currently receiving from the state’s automatic taxpayer refund (ATR).

Each eligible Hoosier would receive about $350; a married couple filing jointly would receive about $700.

The state’s reported revenues for May, released Thursday, were $209 million over forecast. For 11 months of the fiscal year, revenues are $1.075 billion over forecast.

The governor’s office says if approved, an additional deposit would be made to the bank accounts of eligible Hoosiers, just like the current ATR.

For those who will receive paper checks beginning in August, one check for $350 for individual taxpayers, or $700 for those filing jointly, would be issued.