Pa. Hopes for Millions in Launching Tax Amnesty
Pennsylvania hopes to bring millions of dollars into the cash-hungry state treasury with a tax amnesty plan to be announced Monday.
During the 54-day amnesty period, all penalties and half the interest will be waived for businesses and individuals that pay off delinquent taxes accrued through June 2009.
The program is inspired by the success of an amnesty last year in New Jersey, which raised a record $725 million in six weeks. A 1995-96 amnesty in Pennsylvania waived penalties but required full payment of taxes and interest, but this year's program follows New Jersey's with a no-penalty, half-interest offer aimed at enticing more delinquents to settle up.
Pennsylvania included an anticipated $190 million from a tax amnesty program when it balanced its budget last year.
