BATON ROUGE – The Louisiana Department of Revenue (LDR) has distributed more than half a billion dollars in individual state income tax refunds to Louisiana taxpayers for the 2011 tax year.
As of Friday, April 20, the total of individual income tax refunds was $534,031,761.11. The average refund amount was $438.12.
“We’re processing returns faster, getting taxpayers their money back faster, and doing it at less cost to the state than ever before,” said Secretary of Revenue Cynthia Bridges. “This is due, in large part, to the growing use of electronic and online filing.”
To date, LDR has processed more than 1.5 million individual income tax returns that were filed electronically. This is ten weeks earlier than the same benchmark was reached in 2011.
Electronic filing methods include LDR’s free online filing system, Louisiana File Online, and a variety of commercially available software applications.
Seventy percent of this year’s refunds, $374.6 million, have been distributed via direct deposit. Direct deposit is available only to taxpayers who file their taxes electronically. It is the fastest, most secure method of refund distribution.
The next largest amount of refunds went out via the Louisiana MyRefund Card, a pre-paid debit card used to distribute refunds mostly to taxpayers who file paper returns. Taxpayers have received $134.2 million through the MyRefund Card program.
Taxpayers receiving paper checks have received $25.1 million in refunds for this tax season.