March 12, 2010

EVEN WHEN IT’S YOUR MONEY, IT’S THEIR MONEY: States May Hold Tax Refunds For Months.

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.

Next year, of course, people will be more likely to avoid overpayment, and states will lose the “float” entirely. Short-term thinking indeed.

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