Connecticut 2013 Tax Amnesty a Success
- Nov 5, 2013 | Gail Cole
Connecticut’s tax amnesty program, which began Monday, September 16, has been enormously successful. The state had (conservatively) hoped to accrue $35 million from the program. Thus far, it has garnered $63 million—and it’s not over yet.
Anyone owing back taxes to Connecticut who qualifies for the program, and who pays all taxes owed, will not be charged penalties. In addition, 75% of the accrued interest will be waived.
Double the penalty
Delinquent taxpayers should be aware that it’s worth coming forward during the tax amnesty program. “Taxpayers that fail to come forward during the amnesty may face a 25 percent penalty instead of the usual 10 percent.”
Commissioner Sullivan has said that “we can focus enforcement even more on those who fail to come forward during the amnesty period and we will find them.”
And there is an additional motivation for businesses to come forward and pay owed taxes: delinquent taxpayers are no longer able to renew their sales tax permits until their slate is clean.
The Connecticut tax amnesty period terminates on November 15, 2013.
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