California will delay sending out tax return checks

If you live in the state of California, do not expect your tax return check anytime soon.

California’s controller John Chiang said that he would begin a 30-day delay on tax refunds and other payment starting February 1, because the state is out of money.

Chiang said with a $41.6 billion shortfall over the next year and a half, the state is about to start issuing IOU’s.

California has been borrowing money from special funds and Wall Street investors