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Cash-Strapped States Delay Tax Refunds

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Posted on February 19 2010 10:30 pm
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Death and taxes may be life’s only certainties, but many taxpayers won’t be able to count on a timely income tax refund this year, as struggling states impose delays on refund checks to help solve their budget crises.

As New York weighs a potential delay, two other cash-strapped states, North Carolina and Hawaii, have already announced they will put a hold on refunds until June and July, respectively, allowing them to retain funds longer and cover their budget shortfalls with hundreds of millions of dollars owed to individuals and businesses.

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