DEPARTMENT of Revenue and Taxation Deputy Director Marie Benito has assured late tax filers that they will also receive their refunds.
And if these late tax filers don’t get their refunds in the initial batch of refunds being mailed out, Benito said they will receive a compounded interest calculated based on their refunds.
“We haven’t forgotten them. Those are obligations that we need to pay out. We are focused on getting them their refunds,” she said.
Benito admitted they still need to find the money to pay off the $23 million in tax refunds out of the $33 million that was approved to be taken out of the funds reserved for next year’s refunds.
Out of the total fund in the Tax Fund Reserve, she said $11 million will be used to cover 2010, while $22 million will be for the rest of 2011.
She said they will focus on getting the funds to cover the remaining balance.
Tax refund checks were mailed out by the Department of Administration yesterday, a day after Gov. Eddie Calvo signed the Series B bond secured at a record low interest rate of 4.6 percent.
According to DOA Deputy Director Anthony Blaz, more than 30,000 checks were mailed out for tax filers who filed their 2011 returns before April 10 this year. The checks are expected to arrive today, Blaz said.
Earlier, Calvo signed Bill No. 470 or the Income Tax Refund Reserve Fund Bill introduced by Sen. Judi Guthertz. The passage of the bill authorized the release of $33 million in reserved funds to cover the $22 million tax refunds for those who filed their 2011 returns before April 10.
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