Great write-up by State House News Service about the success of the tax amnesty amendment I filed during debate on the Fiscal Year 2015 budget. Having offered this amendment in years past, the repeated success of this tax amnesty program is not by accident, and should serve as proof of the validity of allowing default taxpayers to remit their obligations to the Commonwealth without penalty. TAX AMNESTY BROUGHT IN $39M Collections from a two-month tax amnesty program that ran through the end of October have slightly exceeded estimates with roughly 49,000 residents paying back over $39 million so far in delinquent taxes, according to the Department of Revenue. Lawmakers approved a two-month amnesty program as part of the fiscal 2015 budget as a way to bring in additional revenue by waiving penalties for a two-month period for taxpayers who settle up with the state. About 300,000 eligible taxpayers received notices in September, and officials estimated the program would bring in about $35 million. DOR Commissioner Amy Pitter wrote last week in the departments monthly revenue report that collections will continue into November for taxpayers who meet the timing criteria for submitting payments. Most of the amnesty collections are reflected in the states income and sale tax figures. The Patrick administration is currently working to patch a $325 million budget shortfall in fiscal year 2015. Tax revenues have been tracking close to budget estimates, but the income tax is expected to drop to 5.15 percent in January at a cost of $70 million to the state. Non-tax revenue has trailed projections by $175 million. - M. Murphy/SHNS
Posted on: Thu, 13 Nov 2014 15:43:54 +0000
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