Missouri Tax Payers Earn Interest Sooner
Currently, Missourians do not earn interest on their tax refunds until 120 days after the tax filing deadline of April 15th.
Nixon signed House Bill 1408 Thursday, which means the state only has 90 days to issue tax refunds before having to pay interest.
The Governors spokesperson, Scott Hostle said Nixon wanted to reward taxpayers who file their taxes promptly, by issuing their refunds promptly.
This year, most Missouri refunds were out on time. The state only faced problems when people filed taxes late or incorrectly.
The law only applies to taxpayers who file by April 15th, although the state will process those late taxes as quickly as possible.
The new law will take affect this next tax season.