Thursday, March 7, 2013

Average refund rises 3.8%

The average Rhode Island personal income tax refund is up 3.8 percent, to $541 so far this filing season, compared with $521 at the same point a year ago, early filing season figures show.

The figures also show that the total number of refunds so far is down 11 percent compared with the corresponding period a year ago. The reason is that the federal and state filing seasons got off to a late start this year. That’s because of the last-minute changes to tax law made by President Barack H. Obama and Congress, which required computer systems to be reprogrammed and tested.

“The number of refunds issued, and the aggregate amount of refunds issued, are down so far because of the delay to the start of the filing season,” said Rhode Island Tax Administrator David M. Sullivan. “The delay was a consequence of the lengthy ‘fiscal cliff’ debate and the compromise federal tax law that was enacted in January, which also impacted Rhode Island. Nobody is surprised by the delay, which was well-publicized. But now that all systems are go, we fully expect to see our number of refunds – and our aggregate dollar amount of refunds issued – to increase smartly in the weeks ahead,” Sullivan said.

Filing season 2012
Filing season 2013
Number of refunds
-   11.13%
Total amount refunded
-     7.82%
Average refund
 +    3.84%
Cumulative figures for tax year 2011 through March 2, 2012, and for tax year 2012 through March 1, 2013. Figures for each filing season are before interest and offset and do not include returns for tax years other than those stated.