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Income Tax Refunds
Tue August 21, 2012
Unclaimed tax refunds to head to state treasury
More than $2.5 million in unclaimed state income tax refunds are scheduled to be deposited into the state treasury on Friday.
The Advocate reports the money will become unclaimed property, joining more than $500 million in paychecks, apartment deposits, gift certificates, mutual funds and stocks as well as oil and gas royalties currently held by state government because no one has stepped forward to claim them.
Of the 7,462 taxpayers notified by mail about their uncashed checks, 2,173 responded and claimed $1.7 million.
Once the money becomes unclaimed property, it cannot be spent by state government on hospitals, roads and other public expenses. Instead, it sits in the treasury until it is claimed.
State Treasurer John Kennedy said he returned $27 million to citizens last year.
Taxpayers can search the Department of the Treasury's Unclaimed Property Division database and learn if they have unclaimed property, as well as download claims forms and find out more about the department.