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Tuesday, December 28, 2010

Illinois almost $1b behind in paying tax refunds

According to this morning’s Trib, Illinois has not paid business [income tax]refunds since March 2009, and now owes about $770 million to 36,500 businesses.  It’s unlikely there will be any refunds paid until the next fiscal year, beginning July 2011, if then.

 

If you pay too little income tax, you get penalty and interest and the threat of worse. The sovereign state is easier on itself.  The state has intentionally not put enough into the Refund Fund to fund all refunds.

 

http://www.chicagotribune.com/business/problemsolver/ct-biz-1228-problem-martorina-20101228,0,6304024.column