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CAPITOL
Refund checks may be held up State could delay tax payments to pay its own bills
BY MICHAEL LAMENDOLA Gazette Reporter

The state may soon start withholding more than $500 million in tax refund checks, using the money for several months as an interest-free loan to pay its bills, according to state legislators.
Matt Anderson, spokesman for the state Division of the Budget, said the option is under consideration, along with options to delay payments to school districts, local governments and healthcare providers.
    “Which expenses are to be delayed have not been determined,” Anderson said. “We will make all the appropriate disclosures when we make a decision.”
    The state will likely take action in March, the last month of the fiscal year, Anderson said. “March is the largest month for expenses on a cash-flow basis,” he said.
    The state is facing a midyear deficit of $1.4 billion and a projected deficit of $6.8 billion going into 2011, and has to keep money on hand to pay its bills, he said. ..............>>>>.............>>>>............http://www.dailygazette.net/De.....r00101&AppName=1

This is exactly what California had to do and next NYS will issue IOU's and finally they will have to admit that we're broke and need a bailout which they shouldn't get. Let them file for bankruptcy and void all union contracts and renegotiate them more in line with the private sector as well as shrink the size of government in all departments in order to cut costs. Average public sector salary $73,000, average private sector salary $40,000 and we wonder why we're in financial distress.

Another brilliant DEM "plan". They will withold your tax refund from YOU. Sure beats making any tough cuts in State spending?

     Another reason why Paterson, Dinapoli, Gillenbrand and Schumer must all be kicked to the curb.

They've already held it for a year .. now they want it for a few more months.

Interest free.

You try that with them and see how it goes. Yeah right! As if having your $ interest free for the past year was not enough. This illustrates why increasing taxes only results in them spending it voraciously like an angy, dangerous, over-fattened, all powerful and hungry demon. For that is what government is: A beast that can never be sated.

In a practical manner-What I do is apply it to next year. So for 09' I apply any refund to 2010 with-holdings. Then reduce the with holding accordingly for 2010 and try not to be over withheld.

My husband and I have reduced our with holding for years. We always end up owing the state about $50. Our accountant was very helpful on balancing our withholdings.

GET THE HELL OFF MY BACK.......................................... > > > > > > > > > > > >