$30 million needed to boost Idaho's tax refund account
BOISE - Idaho's tax refund account out of dough?
"Everybody else is running out of money so it could be," said Patty Henry, a Boise resident.
It may not be something you think about.
"I have not ever worried about that no, not up till now," said Janalee Schrader, another Boise resident.
But it's definitely on the mind of the State Tax Commission.
As of Wednesday the account balance hit zero.
"I believe because of the economy people who are being owed money are filing their taxes earlier this year and getting their refunds quicker and so that account has been depleted more rapidly than usual," said Wayne Hammon, Administrator with the Division of Financial Management.
In fact just last month Idaho shelled out more than $90 million in tax returns but only received just over $17 million in deposits.
In order to help boost the balance the tax commission asked for $30 million. It's money that would come from the state's general fund to the state's tax refund account.
On Thursday, in an emergency meeting the State Board of Examiners met to discuss the request and approve the transfer.
"With out this action today refunds would have been delayed and we would have been facing the situation in California where they gave people "IOU's" or you had to wait months and months," Hammon said.
Future filers could still see a small delay. A day or two if E- filing, possibly a week or more for paper.
But state leaders say everyone will get their refunds and cash will start flowing to the account again.
They expect by April 15th there should be enough deposits to the refund account to be able to cash flow it for the rest of the year.
They say it's not unusual to see the tax refund account drop but it is unusual to see it happen this early.
"Everybody else is running out of money so it could be," said Patty Henry, a Boise resident.
It may not be something you think about.
"I have not ever worried about that no, not up till now," said Janalee Schrader, another Boise resident.
But it's definitely on the mind of the State Tax Commission.
As of Wednesday the account balance hit zero.
"I believe because of the economy people who are being owed money are filing their taxes earlier this year and getting their refunds quicker and so that account has been depleted more rapidly than usual," said Wayne Hammon, Administrator with the Division of Financial Management.
In fact just last month Idaho shelled out more than $90 million in tax returns but only received just over $17 million in deposits.
In order to help boost the balance the tax commission asked for $30 million. It's money that would come from the state's general fund to the state's tax refund account.
On Thursday, in an emergency meeting the State Board of Examiners met to discuss the request and approve the transfer.
"With out this action today refunds would have been delayed and we would have been facing the situation in California where they gave people "IOU's" or you had to wait months and months," Hammon said.
Future filers could still see a small delay. A day or two if E- filing, possibly a week or more for paper.
But state leaders say everyone will get their refunds and cash will start flowing to the account again.
They expect by April 15th there should be enough deposits to the refund account to be able to cash flow it for the rest of the year.
They say it's not unusual to see the tax refund account drop but it is unusual to see it happen this early.
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