Connecticut Tax Amnesty: $180 Million and Counting
- Nov 21, 2013 | Gail Cole
The state's Rainy Day Fund will soon be bursting with an unanticipated $145 million, most of which came from businesses. The break down is as follows:
- $91.3 million in back corporate taxes;
- $55.5 million in sales and use taxes;
- $21.4 million in personal income taxes and withholding; and
- 6.8 million in other taxes.
According to Kevin B. Sullivan, Commissioner of the Connecticut Department of Revenue Services, the 2013 tax amnesty program was "the most successful in state history." Yet he estimates there is still an uncollected "$250 million in unpaid state taxes." Businesses and individuals still owing delinquent taxes will now be charged a 25% penalty, substantially more than the normal penalty of 10%. Criminal prosecution is also a consideration for taxpayers who failed to come forward during the amnesty.
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