State Could Delay Tax Refund Distribution
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It could take longer for New Yorkers to see their much-desired state income tax refunds.
Distribution could be delayed if Governor David Paterson decides it’s the best way to make sure the state has enough cash on hand.
The state can currently pay out $1.75 billion in refunds during the first three months of the year. But Paterson is considering lowering that number to $1.25 billion, allowing the state to hold onto the difference.
The state has until June to pay out all refunds before they start accruing interest.
A decision is expected in the next few weeks.