States' Cash Position "PRECARIOUS"!!!!!!!!!!!!!!!!!!!!
WHAT STARTED IN CALIFORNIA IS SPREADING LIKE A PANDEMIC................
With tax collections $200 million below forecasts since July, Minnesota's cash flow has become dicey, revenue officials say.
Minnesota's precarious cash flow problem is prompting the Department of Revenue to delay corporate and sales tax refunds for the second time in six months, department officials disclosed Thursday.
The state is currently delaying $128 million in corporate tax refunds to 461 companies and $11.9 million in sales tax refunds to about 350 to 400 businesses until late December. However, the Revenue Department is not notifying the firms unless companies specifically request a status update on their tax refunds.
Alabama taxpayers expecting refunds may
have to wait up to two months before getting a check this year.
State Revenue Commissioner Tim Russell says the state is taking
six to eight weeks to return refunds to taxpayers. Alabama has so
far paid $275 million in refunds this fiscal year. In fiscal year
2008, the department refunded $518 million.
Russell says a reason for the delay is a slowing cash flow due
to the economic downturn.
BASED ON PRELIMINARY DATA........THINGS ARE LIKELY TO GET A LOT WORSE GOING FORWARD........