Mo. House endorses bill to speed tax refunds - KMOV.com

Mo. House endorses bill to speed tax refunds

 

JEFFERSON CITY, Mo. (AP) -- Missourians might get their state tax refunds faster under a bill endorsed by the House.

Currently, Missouri can hold onto tax refunds for up to 120 days without paying interest. The bill endorsed by the House Tuesday would lower that deadline to 45 days. The deadlines would apply to refunds for sales taxes and personal and corporate income taxes.

Last year, Missouri delayed tax refunds to boost cash reserves. Kansas, California and North Carolina also delayed tax refund checks last year because of cash-flow problems. State officials eventually used $250 million of federal economic stimulus money to speed refunds.

Missouri House Republican Jason Smith, from Salem, says the state should reduce how long it holds onto tax refunds. Other supporters say the state should not keep refunds any longer than is necessary for processing.

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On the Net:

Tax refunds is HB1408

On the Net:

Legislature: http://www.moga.mo.gov

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

 

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