NY Tax Refunds Back On Track

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    NEWSLETTERS

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    CHICAGO - NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal Revenue Service November 1, 2005 in Chicago, Illinois. A presidential panel today recommended a complete overhaul of virtually every tax law for individuals and businesses. (Photo Illustration by Scott Olson/Getty Images)

    Your money will soon be in the mail.

    After much delay, New York is again cutting income tax refund checks. Refunds will take about three to four weeks to arrive.

    New Yorkers who filed their state taxes in late February or early March haven't seen their refunds yet because state leaders limited the amount of tax refunds it paid due to budget restraints.

    The state specifies the amount of refunds it pays in the first three months of the calendar year; which is typically $1.75 billion.

    But this year, Governor David Paterson reduced the cap even more to $1.25 billion so the cash-strapped state could pay its bills.

    Payments have resumed because the new fiscal year started April 1.

    The average state income tax refund in New York is about $1,000.