JEFFERSON CITY, Mo. (AP) – A state audit shows Missouri is paying out income tax refunds later and later because the state is short on cash.
Democratic Auditor Nicole Galloway released an audit Monday that said the state paid roughly $423,000 in interest on late refunds to nearly 155,000 taxpayers last fiscal year.
That’s up from fiscal year 2016, when the state paid about $306,000 in interest for about 83,000 late refunds.
According to the audit that’s because the state has less cash on hand to pay out refunds. Galloway’s office says the state’s cash reserve has gone down since the recession.
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