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TAX REFUND ANTICIPATION LOAN LEGISLATION

NM Legislature debates RALs.  The Refund Anticipation Loan Act is now in committee in both the House HB 145 and the Senate SB 122.  As currently written, loan facilitators must be licensed, must disclose year round locations, and must post signs.  The bill includes signage that must read:

  • "...you can get your refund in 8 to 15 days without paying any extra fees..."
  • "...If your tax refund is less than expected, you will still owe the entire amount of the loan.  If your refund is delayed, you may have to pay additional costs..."

 

TAX LAW CHANGES - SEASON DELAYED

Congress changed the tax laws as they often do.  The GOOD NEWS is that they added some tax credits and deductions.  The BAD NEWS is that they applied it retroactively so the IRS had to scramble to reprogram computers and redesign forms.  Tax Payers have new dates to follow.