MOBILE, Ala. (AP) - The state of Alabama says it still owes taxpayers more than $10 million in refunds from last year.
But Revenue Commissioner Tim Russell says taxpayers still waiting for refunds make up less than 1 percent of the total.
The Press-Register reports that Russell says state income tax
revenue fell 8 percent in the year that ended Sept. 30. And he says
many people wrote off investment losses on the returns they filed
last year, causing refunds to increase by 30 percent.
Gov. Bob Riley's administration used rainy-day funds to pay some
refunds before mid-July, when Alabama would have had to start
paying 4 percent annual interest on refunds from returns filed by
The state owed $51 million to 50,000 taxpayers at the end of September.
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