Revenue Administration: interest-and-dividend refunds near completion; about $21 million expected this quarter
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Summary
Jennifer Ramsey, tax-policy counsel with the Department of Revenue Administration, told the Fiscal Committee the state expects roughly $21 million more in interest-and-dividend (I&D) refunds this quarter related to the I&D repeal and that carryforwards are nearly exhausted.
Jennifer Ramsey, tax-policy counsel at the Department of Revenue Administration, briefed the Fiscal Committee on interest-and-dividend (I&D) refunds the department is processing.
Ramsey said the department is "preliminarily" looking at about $21 million in I&D refunds for the current quarter and that this looks like it "will be the last of it." She said the tax carryforwards for I&D are down to roughly $1.7 million for prior tax years and that most returns for tax year 2024 (extension filings due Nov. 15) have been processed.
Committee members asked whether recent monthly reports reflected a $10 million movement earlier in the year; Ramsey clarified that the amounts discussed for the current quarter are inclusive and that the $10 million was part of the $21 million figure. Senator Waters said the update helped the committee's rainy-day fund monitoring.
The treasurer's item (25266) on the release and distribution of a 529 plan was moved and adopted earlier in the meeting.
Next steps: the department will continue processing returns and the committee will monitor resulting revenue impacts.