At the information portion of the Fiscal Committee session on Nov. 21, the Department of Revenue Administration briefed members on interest-and-dividends (I&D) tax refunds tied to a recent repeal. Jennifer Ramsey, tax policy counsel, said preliminary processing indicates about $21 million in I&D refunds remain for the current quarter and that carryforwards related to prior tax years have fallen to roughly $1.7 million.

Ramsey told the committee most returns for tax year 2024 filed under extension (due Nov. 15) have been processed and that the bulk of I&D refunds are now complete: “That looks like it will be the last of it,” she said. Senators asked whether recent large refunds observed in reports are a one-time occurrence or whether similar amounts will recur; Ramsey said the next quarter’s figure appears to include the last of the refunds tied to the repeal.

Senators noted the refund activity as they track the state’s deficit and rainy-day fund withdrawals. The committee accepted the informational report; members flagged monitoring for future revenue reports.