I’m happy to say that I am not part of this group, but apparently more than 320,000 Georgia taxpayers who filed on time and are owed refunds are still waiting. What’s more, the State of Georgia, in the middle of a budget crisis with no end in sight, may have to shell out millions more in penalties if the refunds aren’t processed and mailed by the July 16 deadline. State law requires 1% interest be added for every month the refund is late.
According to the Associated Press article, “State tax officials say it’s not an issue of money, but an issue of staffing. Georgia Revenue Commissioner Bart Graham said the department had to cut about 280 jobs since October, including more than 150 processors who helped file refunds.”
Other states, including Alabama and California, are facing similar delays.
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Thanks for bringing my plight to light.
Look at it this way, the later the State is, the more in interest you can earn and these days, 1% is much better than most banks are paying.
Howeverm 1% is less than the rate of inflation, so there is a loss of money.
BAD TYPO MONKEY
That’s 1% per month. 12% per year.
As of 7/15 it will have been at least three months since these funds became due. My kingdom for a finance major to explain the expediency of the situation, despite the 1% per month law.
Next up: why 30 year mortgages are for suckers.
With the current budget crisis, look for the Governor to find a way to weasle out of paying interest.
http://leftonlanier.com has a great take on the current budget crisis.
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