THIS JUST IN

New York State Commissioner of Taxation and Finance, Andrew S. Eristoff,
and New York State Consumer Protection Board Chairperson Teresa A.
Santiago, today cautioned taxpayers to think carefully before opting for
one of the many "refund anticipation loans" being offered by tax preparers.


"Most refund anticipation loans are nothing more than a massive rip-off
scheme designed to whittle away taxpayers’ refunds," said Commissioner
Eristoff. "Before accepting one of these loans taxpayers should calculate
the effective interest rate and any associated fees. These costs often eat
away refunds at rates that would normally be considered criminal usury if
from a traditional lending institution. New York State offers ways to
expedite your refund that will not cost you your hard earned money."