The Check - May Not - Be In The Mail...Yet

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Governor considers delaying some income tax refund payments

If you are expecting a state income tax refund this year, you may have to wait.  The Albany Times Union is reporting that Governor Paterson is considering delaying the refunds as a way to make sure the state doesn't run out of money. 

According to reports, the state normally allows $1.75-billion to be paid out in income tax refunds the first three months of the year. Paterson wants to reduce that to $1.25 billion. So far the state has paid out $293-million, and generally returns about $6-billion each year in personal income tax refunds.

The governor is expected to decide in the next few weeks whether or not to delay the refunds. The state must pay the refunds by June in order to avoid paying interest.