Forbes.com’s Ashlea Ebeling reports that after raising $1.4 billion from tax amnesties in 2009, states are again offering deals to delinquent taxpayers:
Call it “the return of the tax amnesties.” For the second year in a row, states are resorting to tax amnesties in the hope that delinquent taxpayers will help them plug their budget holes.
Last year, 13 states hauled in more than $1.4 billion from tax amnesties. New Jersey alone brought in $725 million, topping the California Franchise Tax Board’s previous record haul of $714 million from a single amnesty.
As was the case with the UBS tax amnesty program, taxing authorities will aggressively pursue delinquent taxpayers who fail to participate in the amnesty program.
If you owe taxes to a state government that offers amnesty, you should seriously consider participating in the program.
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