New Jersey residents will have a hard time collecting a tax refund on a credit card, thanks to a new tax policy.
State officials announced on Tuesday that they are extending the deadline for filing a refund of a tax credit that is owed by consumers to Dec. 31.
State Treasurer James DiLorenzo announced the change in a tweet.
The refund will be available to the public starting on Dec. 1.
That will be the first time that a state has extended the deadline since the state enacted its credit card refund law in 2015.
The new tax law allows consumers to file a refund on their credit cards by the end of December.
It allows for up to two tax refunds per calendar year.
The state’s refund deadline is due to the impact of Hurricane Irene, which left nearly $500 million in state revenue in the red, DiLorentzo said in a news release.
The New Jersey Office of Taxpayer Services and Revenue Services will administer the refund, which will not be subject to the state’s consumer reporting requirements.
DiLornzo said the refund will only be available in New Jersey.
The policy change follows a report from the state comptroller that said the state had collected a record $3.5 billion in refunds.
The $3 billion figure came from the comptroller’s office, which looked at the amount of refunds received by individuals and businesses, and also from an analysis of data from the New Jersey Department of Taxation and Finance.
The comptroller said the data showed that nearly $1 billion of the state money was refunded to taxpayers in fiscal year 2018, and $4.6 billion in the following fiscal year.