Virginia City of Richmond Tax Amnesty Bill Approved
- Apr 11, 2012 | Susan McLain
Virginia Governor Bob McDonnell signed Senate Bill 42 (SB 42) and companion House Bill 358 (HB 358) into law this week. The bill “[e]xpands the scope of the City of Richmond’s tax amnesty program to include all local taxes and accrued interest.”
The City of Richmond, Virginia tax amnesty program allows that “…any person, individual, corporation, estate, trust, or partnership required to file a local tax return or to pay any local tax shall be eligible to participate, subject to the requirements set forth below and guidelines established by the director of finance.”
The program states that interest and civil penalties “…which are the result of nonpayment, underpayment, nonreporting or underreporting of one or more types of local tax liabilities, may be waived upon receipt of the payment of the amount of those taxes and interest….”
Individuals or businesses already under investigation or prosecution are not eligible to participate. The bill goes into effect July 1, 2012 and does not specify any particular time frame limits to the program.