Tax Amnesty Trend Continues

With no end in sight for budget deficits, states continue to search for ways to raise revenues. One model of success is New Jersey’s tax amnesty program which raised more than $700 million – over three times the original revenue estimate. As a result, the 2009 tax amnesty trend continues this year. The following jurisdictions are among those offering some type of tax amnesty during 2010:

Pennsylvania’s tax amnesty program runs from April 26, 2010 through June 18, 2010. Penalties and one-half of the interest due will be waived. All taxes administered by the Department of Revenue, delinquent as of June 30, 2009 and due within the five years prior to June 30, 2009, are eligible.

Visit the Pennsylvania Department of Revenue website for more details.

Under Philadelphia’s tax amnesty program, all penalties and half the applicable interest is waived. Amnesty runs from May 3, 2010 through June 25, 2010. Note that Philadelphia’s tax amnesty period differs from Pennsylvania’s. Taxes that are delinquent between February 1, 1986 and June 30, 2009 are eligible. In certain circumstances, taxpayers with known delinquencies may take advantage of tax amnesty terms prior to May 3rd.

Visit the Philadelphia Revenue Department website for more details.

Nevada’s tax amnesty program runs from July 1, 2010 through October 1, 2010. All penalties and interest are waived. Since Nevada does not have a general corporate income tax, this program will likely be of the most interest to those companies with sales/use tax liabilities.

Tax amnesty in Massachusetts runs from April 1, 2010 through June 30, 2010. While all penalties will be waived, there is no relief regarding interest. Among the taxes covered by this limited amnesty are sales/use, withholding income tax, telecommunications sales tax, and various occupancy taxes.

Visit the Massachusetts Department of Revenue for more details

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