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ALBANY -- Some New Yorkers could see a delay in the arrival of their state income tax refund checks if Gov. David Paterson decides it's the best way to make sure the state has enough cash.
The state currently limits the amount of tax refunds it pays in the first three months of the year to $1.75 billion. Paterson is considering lowering that threshold to $1.25 billion because the state must roll $1.4 billion into next year's budget to close a current year budget gap.
You've probably heard before that if you're getting a big, fat tax refund check, you're doing something wrong. Now there’s a new reason to fine-tune those payroll withholding elections. The economic meltdown is hitting statehouses around the country so hard that some are holding their residents’ tax refund checks hostage.............
If you are feeling proud of the tax refund you snared after a weekend of working on taxes, I have some bad news for you.
You might have blown it. Although people love getting refunds, a refund typically means you wasted your money.