According to the Minnesota Department of Revenue and the Minnesota Management and Budget Office, the state is currently delaying about $128 million in corporate tax refunds to about 460 companies, as well as about $12 million to more than 350 companies. The delay is due to the state’s cash flow problems caused by revenue collections that are $200 million below forecast since July 1.
The refunds are expected to be paid by late December if not sooner. Businesses that receive refunds after 90 days will be paid interest; however, the state is not expecting to have to pay any.
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