ALBANY — The state will shell out $1.1 billion in the next two weeks to pay tax refunds on returns received by yesterday’s deadline, according to the Department of Taxation and Finance.

All told, state bean counters had processed 4.5 million income-tax filings and mailed out $2.65 billion worth of refund checks.

With state leaders having failed to reach a deal on an estimated $9.2 billion budget deficit, lawmakers were waiting to see whether income-tax revenue would surpass dismal projections.