The government has bond proceeds for delayed tax refunds in hand, and 90 percent of refunds will be sent to Finance for payment by the end of this week, Internal Revenue Bureau Director Claudette Watson-Anderson told senators during a Finance Committee hearing Tuesday.
Sen. Shawn-Michael Malone asked Watson-Anderson about the returns during testimony on a small internal budget transfer for IRB.
"She indicated that this includes all of 2010 and prior year refunds and most of those filed for 2011. I know this is very welcome news," Malone said in a statement after the hearing.
"If you are expecting a check and don't see one in the next week or two, it is time to check back with the bureau," Malone said. "I know several people have already received checks this week so they have definitely gotten the ball rolling."
Earlier this month, Watson-Anderson testified that as of the end of August, IRB had processed 9,118 income tax refunds totaling $28.5 million. This includes refunds for the 2010 tax year and before, she said.
As of Aug. 31, the inventory of unpaid refunds totaled $63 million payable to 27,735 taxpayers, she said. Of this, $46 million was due to 20,557 taxpayers for 2011; $13 million to 6,490 taxpayers for 2010; and $4 million to 688 taxpayers for all other previous tax years.
The government recently closed on $130 million in new bonds, which includes $15 million to add to regular budgeted funds to help pay the tax refunds.