Interest ahead for those without NC tax refunds

RALEIGH, N.C. — People still waiting for North Carolina income tax refunds now can expect to get a little bit more.

The Department of Revenue said Friday about 312,000 refunds valued at $222 million have yet to be distributed. Refunds not paid by Sunday will start accruing interest at an annual rate of 5 percent.

North Carolina delayed tax refunds this year as the state’s cash flow stayed uncertain in the weak economy.

The department got refunds paid out last year by May 13 to people who filed on time. Revenue Secretary Kenneth Lay said everyone due a refund this year will get one as quickly as possible.

More than 90 percent of all refunds for returns filed by April 15 have gone out, valued at nearly $1.8 billion.

(Copyright 2010 by The Associated Press. All Rights Reserved.)