Louisiana taxpayers receive $420 million in state income tax refunds; Over 1 million refunds issued through MyRefund Card and Direct Deposit
BATON ROUGE – The Louisiana Department of Revenue (LDR) has issued more than 1 million individual income tax refunds for income tax returns submitted for the 2011 tax year.
As of Thursday, April 05, 2012, LDR had issued 1,012,143 individual income tax refunds for a total amount of $419,965,483.23. The average refund amount is $414.93. This is one week earlier than the department crossed the million-refund threshold in 2011. “We are pleased that we have been able to process refunds more quickly this year. This is due in large part to an increasing number of taxpayers who have taken advantage of our electronic filing options,” said Secretary of Revenue Cynthia Bridges.
Ninety-one percent of Louisiana individual income tax refunds processed so far were submitted electronically via methods such as Louisiana File Online and commercial tax preparation software. The remaining nine percent were filed with the printed state income tax return.
So far, 65 percent of this year’s refunds were distributed via direct deposit and 35 percent via the Louisiana MyRefund Card or check.
“Although the majority of recipients seem to be embracing the MyRefund Card, direct deposit still remains the fastest and most popular method for Louisiana taxpayers to receive their refunds,” Secretary Bridges said.