Tax Refunds May be Slow in Some States

Some states are out of money, which means tax refunds may lag this year. Reuters reports:

Many U.S. taxpayers are eagerly anticipating a quick influx of cash from their states as they file income tax returns ahead of the April 15 deadline, but for some, the refund check may not be in the mail.

With most states struggling with big revenue decreases due to the economic recession, taxpayers anxious to bolster their own deflated finances may find the wait for refund checks is longer this year.

In Missouri this week, the state reported that gross tax collections fell by 4.3 percent in the third quarter of fiscal 2009 compared to the same period in fiscal 2008.

“We can’t send refunds out if we don’t have the money,” said Ted Farnen, a spokesman for the Missouri Department of Revenue.

Ouch.

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