California Controller John Chiang announced he has begun releasing more than $2.8 billion in payments which were earlier withheld as the state dealt with an estimated $42 billion budget deficit. On February 20th State Governor Arnold Schwarzenegger signed a budget package intended to close deficit through June 2010.
The Controller's Office have already released $45 million in delayed payments meant for regional health care centers, owners of unclaimed property and local services for the disabled. The $1.96 billion in personal income tax refunds and $181 million in Bank and Corporation tax refunds are expected to be released this Friday. It is anticipated that the delayed payments will be paid out in full in the next several weeks while the March payments will be send as scheduled.
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