Tuesday, November 13, 2012
Ohio eyes prepaid for state tax refunds
The Ohio State Senate has undertaken a bill designed to require the Ohio Department of Taxation to offer its taxpayers the option of receiving income tax refunds on prepaid cards. Currently, Ohioans can receive refunds by paper check or electronically via direct deposit to bank accounts. The bill, S.B. 365, would direct Ohio's tax commissioner to add the tax refund card option.
Ohio State Senator Eric H. Kearney, D-Cincinnati, introduced the bill in August 2012. "This prepaid debit card program will benefit those citizens that do not have a bank account for direct deposit, or for those who wish to avoid the hassle with paper checks and check cashing fees,” Kearney said. "They will also be able to use their prepaid debit cards in stores, online, over the phone, or anywhere that accepts debit cards."
The prepaid card option would appear on income tax forms. S.B. 365 mandates that instructions accompany income tax returns that describe the features of the prepaid refund card program, including fee disclosures. The commissioner would be in charge of contracting with a prepaid card issuer (or issuers) to implement the program. The bill also states that any fees associated with the use of the prepaid card would be incurred by taxpayers.
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