Governor Timothy M. Kaine today announced that the Virginia Department of Taxation has issued nearly 100 percent of state income tax refunds, putting money in the pockets of Virginians as the state continues to emerge from economic challenges. Even as some states struggle to issue refunds, Virginians have received more than 2.6 million refunds, totaling more than $1.6 billion, an increase of approximately 94,000 refunds and $215 million from 2008. The average value of refunds was $627.33, an increase of approximately 11 percent over 2008.
“The work of the Department of Taxation shows again why Virginia is consistently named among the best managed state governments,” Governor Kaine said. “In response to the worst economic troubles since the 1930s, the Department is processing tax returns and getting money back into the pockets of Virginians at a time when they need it the most.”
Virginia’s emphasis on electronic filing has also made processing the tremendous volume of returns much simpler, allowing for quicker issuance of refunds. Approximately 63 percent of returns were filed electronically, compared to 56 percent in 2008. This has allowed the Department of Taxation to issue 82 percent of refunds within 12 days, and 96 percent within 30 days.