Wednesday, July 8, 2009

Tax Amnesty Program Totals Record $725M

A record $725 million in delinquent taxes flooded in to New Jersey during a recent tax amnesty, including $522 million postmarked in program's final days. A daily accounting of revenue collected during the six-week amnesty, made available through an open public records request, shows tax delinquents pushed the deadline. Collections surpassed the $200 million Treasury projection on June 11, four days before the amnesty ended. About $143 million was recorded after June 15. Amnesty allowed delinquent taxpayers to settle with the state without penalty and half the interest owed. New Jersey collected $277 million during a 2002 amnesty. This windfall was used to restore property tax rebates for homeowners who make less than $75,000 a year. AP

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