Missouri to owe interest sooner on delayed tax refund

Thursday, May 13, 2010 | 5:30 p.m. CDT

JEFFERSON CITY — Missouri lawmakers have given the state an extra incentive to make sure tax refunds are paid in a timely manner.

A bill given final approval Thursday requires the state to pay interest on personal income tax refunds that aren't made within 90 days of the April 15 filing deadline. That's down from 120 days under existing law.

The legislation retains the 120-day refund period for corporate taxes.

Missouri was among several states that delayed paying tax refunds last year to boost cash flow. This year, Missouri borrowed from a pool of federal stimulus money to avoid tardy income tax refunds.

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