INDIANAPOLIS - A big jump in Indiana's state tax collections will result in a refund for taxpayers.

State officials have announced overall tax revenue grew 14% over the past year as collections bounced back stronger than expected from the COVID-19 pandemic recession. That pushed state government's cash reserves to a record-high $3.9 billion as of June 30th.

The jump will trigger the state's automatic taxpayer refund process for the first time since 2012. Officials say about $545 million will be refunded to taxpayers as a credit on their state tax returns submitted next year.

The new refund size won’t be determined until later this year when the number of 2020 tax Indiana filers is known.