One Million Income Tax Refunds Issued Through Direct Deposit

Annapolis, MD (April 29, 2009) –Comptroller Peter Franchot today announced that his office has deposited more than one million income tax refunds directly into taxpayers’ bank accounts. After aggressively promoting electronic filing and encouraging taxpayers to use the direct deposit option, more than half of those receiving refund checks took advantage of the convenient tool, up more than 11% from last year.

“It is apparent that people are taking advantage of the technological advances that my office offers and feeling more comfortable doing so,” said Comptroller Franchot. “As I always mention, electronic filing, especially coupled with the direct deposit option, makes filing a tax return fast, convenient and safe.”

The Comptroller’s Office has already issued 1,788,088 refunds totaling more than $1.8 billion to families throughout Maryland. Of these refunds, 1,012,742 were deposited directly into bank accounts rather than mailing a paper check. Currently, a total of 1,572,062 electronic returns have been processed, of which 72% requested direct deposit.

All the mail received throughout the tax season has been opened and so far, 504,448 paper returns have been processed. Check payments for tax liabilities are priority in an effort to recover all money due the state. Therefore, taxpayers who have filed paper returns and are expecting a refund will likely have to wait four to six weeks to receive their money.

For more information on direct deposit or electronic filling, please visit the Comptroller’s Web site at www.marylandtaxes.com or call 1-800-MD-TAXES (1-800-638-2937).