State Reminds Tax Refunds Delayed Until July 1
Officials Say Move Will Give Hawaii Savings Of $275 Million
POSTED: 10:54 am HST February 8, 2010
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HONOLULU -- Hawaii taxpayers are being reminded that the state is delaying the release of 2009 income tax refunds until July 1.The state Department of Taxation said Monday that the delay includes individual, corporate and fiduciary income tax returns.The delay will help alleviate the state's projected $721 million revenue shortfall for the fiscal year that ends June 30, officials said. Delaying the refunds will provide an estimated one-time savings of $275 million, which will go toward balancing the state budget, they said.On July 1, refunds will be released on a first-in-first-out basis, meaning early filers will receive their refunds first.Gov. Linda Lingle informed the public about the move during her State of the State address in January.
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