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Home / States Consider Holding onto Tax RefundsStates Consider Holding onto Tax Refunds
Last Updated on Friday, 12 March 2010 01:52 Written by rslcpol Friday, 12 March 2010 01:52
From USA Today:
Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months.
States from New York to Hawaii that have been hard-hit by the economic downturn say they have either delayed refunds or are considering doing so because of budget shortfalls.
“It’s an indicator of how bad it is,” says Scott Pattison, executive director of the National Association of State Budget Officers. “You know things are bad when you have to do that.”