New Jersey’s tax amnesty is predicted to raise $200 million
If you’ve heard the commercials running on our station regarding tax amnesty for delinquent taxpayers (or non-taxpayers), you may have wondered how effective the program might be. Well, state officials think they can raise $200 million through the plan which eliminates much of the interest and penalties usually levied against those in arrears.
According to NJSpotlight, the tax amnesty program is available until January 15th and includes missed tax filings and payments going back to 2009. But the state is just using a carrot, it’s using a stick as well: People who owe back taxes but don’t take advantage of the amnesty will have an additional 5% penalty assessed against their account.
In any case, lawmakers are counting on the $200 million for the budget. NJSpotlight says the last tax amnesty initiative, instituted by Governor Christie, raised $75 million while one undertaken in 2009 under Governor Corzine raked in $725 million.
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