Missouri Pays Interest On Late Refunds - KOAM TV 7

Missouri Pays Interest On Late Refunds


    Missouri is paying out income tax refunds later and later because the state is short on cash.
    That's the finding of a state audit released by auditor Nicole Galloway Monday.
    State law requires interest be paid if refunds are not issued within 45 days of filing. 
    The audit says the state paid roughly $423,000 in interest on late refunds to nearly 155,000 taxpayers last fiscal year.
    That's up from fiscal year 2016, when the state paid about $306,000 in interest for about 83,000 late refunds.    
     Galloway's office says the state's cash reserve has gone down since the recession.


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