Friday, July 1, 2011

Illinois Out of Money for Income Tax Refunds

I repeat, this is no time to own state or municipal bonds. The desperation level at various states and municipalities is getting more and more intense.

With the start of a new budget year just two days away, thousands of Illinois businesses are still waiting for state income tax refunds dating back to 2009.

The Illinois Department of Revenue said Tuesday it would end the fiscal year June 30 still owing about $620 million in business income tax refunds, GateHouse News Service reports.

The average amount of the refunds owed is $104,000. Refunds less than $5,000 have been paid.

An Auditor General's report issued Tuesday said that, last year at this time, the Department of Revenue had a $2.13 billion deficit in its general fund, and principally not enough revenue was allocated to refunds.



  1. LOL! AAAHAHAHAHAHAHAHA LOL it's all falling apart right in front of our eyes. We are all living in a dream-nightmare folks. Enjoy.

  2. I think it's obvious that most states will answer this problem like everything else e.g. "We're going to raise your taxes anyway to cover our shortfalls so we'll just deduct the extra you owe us from what you say we owe you."

    Win-win in the minds of the gov't.

  3. More hysteria about munis. Who are these guys?