What is the VA state tax refund status for tax year 2010?
The state had a budget gap of more than 10% of their 2010 budget. This meant that paying out all the money the owed to taxpayers wasn’t an option. They had to hold back some VA tax refund status money so they didn’t go broke.
Naturally, residents are a little worried the same thing will happen in 2011. Will they get their VA tax refund status money on time?
So far this year there have been no announcements from the state of Virginia about any delays. However, this doesn’t mean there won’t be delays. Last year, the state of North Carolina experienced some of the worst delays with their state tax refund status funds. They made no real announcements and taxpayers were just left confused.
What happened with North Carolina actually may give some insight into Virginia and their VA tax refund status funds. The state tax office in NC put off paying their taxpayers until the next fiscal year. This was to keep the state from paying it all out at once.
Unfortunately, this looks like it may have caused a delay in 2011 as well. The money for North Carolina’s state tax refund status was all paid out at the beginning of the fiscal year. This might mean problems with funds this tax season. Since a similar thing happened with taxpayers’ VA tax refund status money last year, it might reoccur this year. It remains to be seen if this is the case.