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Missouri to pay interest sooner on delayed tax refunds

Thursday, July 8, 2010 | 4:32 p.m. CDT

JEFFERSON CITY — A new deadline for paying tax refunds requires Missouri to start paying interest one month earlier than in the past.

Currently, Missouri starts paying interest when tax refunds are not made within 120 days of the April 15 deadline.

Gov. Jay Nixon signed legislation Thursday that shortens the deadline to 90 days. That means Missourians who pay their taxes on time would start earning interest in mid-July instead of mid-August.

Missouri was among several states that delayed paying tax refunds last year to boost cash flow. Budget officials say tax refunds fell behind this year in Missouri because of cash concerns, but all refunds were issued by the end of June.

 


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