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.
So far the state has paid out $293 million in 281,000 tax refunds this year.
The state has until June to pay the refunds before they start accruing interest.
The governor is expected to make a decision in the next few weeks.