A major tax cut package that will eventually cost the state $1 billion a year easily cleared a House committee Wednesday.

A proposed tax cut package introduced by Indiana House Republicans this week would cost the state more than $1 billion a year in revenue within the next three years.

Indiana's automatic taxpayer refund is triggered when the state ends the fiscal year with significantly large budget reserves – like it did this summer.

Indiana has recently experienced unprecedented revenue levels. And that has some Republicans exploring ways to send money back to Hoosiers via tax cuts.

Indiana has enjoyed record revenues and surpluses in recent years. And those higher-than-usual revenues have prompted lawmakers to debate cutting taxes.

More than a quarter into the new fiscal year, Indiana's tax revenues continue to dramatically exceed expectations.

With Indiana's state tax collections surging, a top Republican legislator is looking at possible significant changes to the state sales tax and cutting property taxes for some businesses.

The Indiana Department of Revenue is set to unveil the third phase of its multi-year technology upgrade, the online portal known as INTIME.

Under the tax credit, Hoosier parents can receive monthly cash payments from $250-$300 for children under 18. In the past, that credit would come when filing taxes.

This past legislative session, Indiana increased its earned income tax credit from 9 percent to 10. But how does it work, and what might it mean for working families?