California has officially put sending out tax refunds on hold:
During the 30-day delay, the controller’s office estimates that a combined 2.74 million California individuals and businesses will have their tax refund delayed.
The controller’s office estimates that the delay in tax refunds will free up $1.99 billion over the next month to pay for education, debt service, and other payments that legally have first claim to state funds.
California taxpayers ought to consider a 30-day delay in paying their taxes, freeing up billions of dollar for stuff like mortgage payments. And beer. Californians are going to be needing lots and lots of beer in 2009.