Clarification of Press Release Dated September 29, 2015

 

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The Louisiana Department of Revenue would like to provide clarification regarding its press release issued earlier today.

JP Morgan Chase is ending its prepaid debit card services for those taxpayers receiving the Louisiana MyRefund Prepaid Debit Card.

The updated release is below:

Important Changes Coming to LDR Tax Refund Options

BATON ROUGE – Due to JPMorgan Chase ending its line of business for prepaid debit card services, taxpayers will no longer be able to choose the Louisiana MyRefund Prepaid Debit Card as an option to receive their tax refund from the Louisiana Department of Revenue, effective Friday, October 2.

Taxpayers will continue to have the option of receiving their tax refund through direct deposit or by a paper check. The department strongly urges taxpayers to choose the direct deposit option to ensure the fastest and most secure means to receive their refunds.

Any refunds approved and processed by LDR beginning October 2, where taxpayers have requested a Louisiana MyRefund Prepaid Debit Card for their refund option, will default to a paper check and will be mailed to the taxpayer’s address on file.

Existing Louisiana MyRefund Prepaid Debit Card holders with funds currently available on their cards will still be able to use them after October 2; however, once funds are depleted, they will not have the option to request that future refunds be placed on a card.

For additional information about tax refund options, visit www.revenue.louisiana.gov or call 1-855-307-3893.

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Louisiana taxpayers receive more than half-billion dollars in state individual income tax refunds

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.

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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.

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