United States South Carolina residents have good news as the state recently announced thousands of natives are set to get a tax refund after $3.4 million in checks failed to cash in 2019 .
While the final amount will be decided on October 17, thousands in South Carolina are expected to benefit from a one-time cash increase this year after lawmakers agreed to return a total of $1 billion to taxpayers.
“The exciting part about this is that I hope it helps encourage people who are not currently choosing direct deposit to do so in the future, as it is a safer and faster way to receive your refund. “, said Ashley Thomasspokesman for the Department of Revenue, to the state.
How much will the discount be?
Each individual’s refund amount may vary, although it will equal a filer’s 2021 income tax up to $700.
The amount could jump to $800 if there is enough money available on October 17.
“It’s a dynamic number; it’s not just a $50 discount,” Thomas continued.
“The amount of the rebate and the cap per rebate are determined based on the returns filed. Not just the number of returns filed, but the amount owed.
How can the state afford it?
According to the state Department of Revenue, nearly 68,000 $50 refund checks went uncashed in 2019, which totaled a loss of about $3.4 million.
Of the 68,000, 28,000 checks were returned because they were undeliverable. The undelivered checks went to the state’s unclaimed property program, operated by the office of the treasurer.
The state also claimed the department spent about $700,000 on postage alone.
In order to avoid their past mistakes, taxpayers will likely receive the rebates by direct deposit, depending on whether or not the agency has this information.