Paterson delays tax refunds to some LIers
Thousands of Long Islanders will have to wait an extra two to three weeks for their state income tax refunds.
Gov. David Paterson told residents he was sorry he had to delay the refund checks, but the move is an example of the state's deepening financial crisis. The state limits the amount of tax refunds paid in the first three months of the year in order to keep money available until the end of the fiscal year on March 31.
Paterson reduced the refund cap to $1.25 billion, which has already been paid. Delaying the payments to residents who filed in late February and after until April 1 will save the state about $500 million.
AP wire reports contributed to this article.