POSTED: Saturday, April 7, 2012 - 7:00am
UPDATED: Saturday, April 7, 2012 - 7:04am
Baton Rouge, La — The Louisiana Department of Revenue (LDR) has received more than 1 million state individual income tax returns filed electronically, the earliest date during any filing season LDR has recorded this benchmark. As of Thursday, March 15, taxpayers had filed 1,006,770 returns via electronic methods including Louisiana File Online, the state’s free web-based tax filing application and commercially available tax preparation software. This is more than a week earlier than the agency reached this milestone in 2011.
“This suggests growing enthusiasm for electronic filing, which is good news for taxpayers and for the State of Louisiana,” said Secretary of Revenue Cynthia Bridges. “Electronic filing saves time and money for Louisiana taxpayers and for state government.”
Taxpayers who file electronically receive their refunds in an average of 10 business days. For paper returns, the processing time is 12 to 16 weeks.
Also, electronic filing saves state government millions of dollars per year, as the cost of processing paper returns is $1.50 per transaction.
The acceleration of electronic filing represents a steady five-year trend. In 2008, it was April 16 before LDR crossed the one-million threshold:
2011 Returns 1,006,770 3/14/2012
2010 Returns 1,000,951 3/22/2011
2009 Returns 1,001,655 3/30/2010
2008 Returns 1,019,665 4/13/2009
2007 Returns 1,024,679 4/16/2008
Additional 2011 tax-year filing facts:
• 95% of 2011 individual income tax returns processed to date were filed electronically
• Number of refunds issued: 779,508
• Amount refunded to taxpayers: $307,686,303.76
• Average amount of refund: $394.72