3 years, 4 months ago
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Are Californians going to get IOU's instead of tax refunds this year?
If so, how do IOU's work? Do they guarantee that you will be paid at a later
date? Is this legal?
date? Is this legal?
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M$1 Answer
No, there will be a 30 day delay
From the California Tax Board
--Quote--
Due to the state's persistent cash and budget problems, the State Controller announced on Friday, January 16, 2009 that without immediate budget solutions that fix the state's cash shortfall he will have to delay refunds for 30 days starting February 1, 2009 for Personal Income Tax and Business Entity taxpayers.
FTB is still processing returns as normal. However, it is likely this delay will affect state refunds for most early filers. Returns that have not completed processing before February 1, 2009 will have their refunds held for 30 days.
--/quote--
From the California Tax Board
--Quote--
Due to the state's persistent cash and budget problems, the State Controller announced on Friday, January 16, 2009 that without immediate budget solutions that fix the state's cash shortfall he will have to delay refunds for 30 days starting February 1, 2009 for Personal Income Tax and Business Entity taxpayers.
FTB is still processing returns as normal. However, it is likely this delay will affect state refunds for most early filers. Returns that have not completed processing before February 1, 2009 will have their refunds held for 30 days.
--/quote--
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