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California State Controller announces delay for tax refunds
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CA Holds State Refunds * California State Controller announces delay for tax refunds
Due to the state's persistent cash and budget problems, the State Controller announced on Friday, January 16, 2009 that he will have to delay refunds for 30 days starting February 1, 2009 for Personal Income Tax and Business Entity taxpayers.
Califonia will 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.
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Non-payers Can Hurt Small Businesses At Tax Time - The Associated Press
Non-payers can hurt small businesses at tax timeThe Associated Press - 8 hours agoTax laws limit the ability of many small businesses, among them service providers, to deduct the money that customers...
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This applies to all refund types. Delayed Direct Deposit Refunds (DDR) will be electronically transmitted when funds are available.
State controller John Chiang said in a press release that expected cash shortages in February "will force him to delay some critical payments next month," including money owed to businesses for services provided to the state, rent and food aid for older and disabled Californians. Money for certain state services and tax refunds for 2008 taxes will also be affected.
Payments for education and debt service have first claim on the state's general fund under the state constitution, federal law and court rulings. If state lawmakers don't address the budget situation, failing to delay certain other payments will put the state $346 million in the red in February and $5.2 billion in the red by April, the controller said. See more on payment delays on California state controller's Web site.
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Governor Arnold Schwarzenegger on Thursday called on state lawmakers to close the state's steep budget deficit, expected to hit $42 billion over the next 18 months.
During this difficult economic time, the payment delays will be particularly bad news for some state residents, many of whom are likely hoping for a quick tax refund payment.
Under state law, the state has until May 30 to start paying tax refunds, said Hallye Jordan, spokeswoman for the state controller, in a telephone interview. "Traditionally the state has encouraged people to file early and get their refunds quickly. It's been more of a practice that established the quick turnaround, rather than a legal requirement," she said.
Check on your California Tax refund http://www.ftb.ca.gov/online/refund/index.asp
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