June 1, 2010

HMM: Wait grows longer for R.I. tax refunds. “Thousands of Rhode Island income-tax refunds are being delayed longer than previously reported because of state cash-flow problems. Overall, the state has delayed payment of about 53,000 individual income-tax refunds — totaling about $36.3 million — to make sure it has enough money to pay off state borrowings that come due in June, said Paul L. Dion, chief of the state Office of Revenue Analysis. When the issue first arose earlier this month, state officials said they were delaying payment of refunds by about three weeks after the returns were processed. As of Tuesday, however, the delay had grown to between four and six weeks, state officials acknowledged.” Next year, be sure not to overpay . . . .

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