Friday, January 9, 2009

Tax Amnesty Plan Signed Into Law, Expected to Generate Millions

Massachusetts is facing a tough road ahead when it comes to the state's finances and we need to generate revenue in a responsible manner and in a way that won't further burden our taxpayers.

Today, a GOP–sponsored tax amnesty plan targeting the state’s tax scofflaws was signed into law by Governor Patrick today.

The amnesty program will run for a two-month period to be determined by the Department of Revenue Commissioner. It will encourage delinquent taxpayers to voluntarily pay off their back taxes by waiving penalties as an incentive. The Department of Revenue has estimated that this particular program could generate up to $20 million dollars.

Previous tax amnesties offered in 2002 and 2003 brought in $91.6 million and $174 million respectively.