October 15, 2012
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The Louisiana Department of Revenue announced today that it will enhance its Federal to State refund offset program to collect money owed other Louisiana Agencies. The offset program will compare US government vendors to Louisiana debtors and seize any funds the US government is preparing to pay those vendors should they owe Louisiana money. For those vendors involved with long term contracts with the US government, having its paymenst seized will likely jeopardize its payment of subcontractors’ and suppliers’ invoices. Can the state’s economy survive the impact of cash flow arrest?