NY governor starts delaying tax refund payments

[brooklynite]

Source: Plattsburgh Press-Republican

ALBANY, N.Y. (AP) — Gov. David Paterson is delaying state income tax refunds by about two weeks for hundreds of thousands of New Yorkers to make sure the state has enough cash on hand to meet financial obligations.

The state limits the amount of tax refunds it pays in the first three months of the year to $1.75 billion. Paterson reduced that cap to $1.25 billion because the state must roll about $2 billion into next year's budget to close the current budget gap.

Delaying payments until April 1 will allow the state to avoid paying out about $500 million immediately. The average state income tax return is about $1,000 and takes about three to four weeks to arrive.

The people affected are those who filed in late February and in early March. They'll have to wait about six weeks.

Read more: http://www.pressrepublican.com/midday/local_story_076122515.html

---

Fortunately, I never file until October.....

[Cha]

1. That would effect me..I'm expecting the

check in the any day now.

[CTyankee]

2. I am afraid this mighthappen in CT and I am owed a nice refund this year.

usually I have to pay, but only a very small amount. I am under-withholding more this year to avoid having to face something like this...

[closeupready]

3. Got mine ages ago. Filed right away.

n/t

[WriteDown]

4. But if you OWE them money, they are not as accepting of delays. nt

[Beetwasher]

5. I Think This Will Affect Me, I Think I Filled Mid-Late Feb

I'll have to check...

[yellerpup]

6. I filed electronically in the middle of Feb.

and the (small) refund was deposited in my account last week. I was impressed by how quickly they turned things around. Also, had my driver's license renewed by mail after having an eye test in my doctor's office. It's good until 2018 and the state turned it around in two weeks. This is not the NY DMV I've always known!

[Gormy Cuss]

7. CA sent out IOUs last year.

What a stupid way to tick off voters.

[nyc 4 Biden]

8. six weeks!

six weeks i will wait for the good of the state. but if I have to wait 7 weeks...

I want my money ala stewie...

http://www.youtube.com/watch?v=h7gCd-C-Tys

eta:

part 2
http://www.youtube.com/watch?v=AKeQZ2yhrNc&feature=related

[OnlinePoker]

9. I don't know how it is in the States, but in Canada we don't get interest on tax refunds

This means if you get any money back you've been giving the government an interest free loan all year and they are now saying they aren't going to be paying the principle. We can go into our pay clerks and with some paperwork completed have the amount deducted monthly reduced so that we may not get any refund at the end of the year but we get the full amount we're owed each payday. I would hope the same would hold true south of the border.

[strategery blunder]

10. Same way in the states.

If the government holds up your tax refund indefinitely, it won't pay interest to you.