Louisiana Tax Amnesty Pays Off
- Dec 16, 2013 | Gail Cole
According to a Louisiana Department of Revenue (LDR) press release, the 2013 Tax Amnesty Program has generated more than $435 million in revenue for the state. In other words, it was wildly successful.
Roughly $369 million came from accounts already under audit or investigation, most of which were business accounts. An additional $66 million were from individuals.
It cost LDR approximately $14 million to run the amnesty. The department "will retain about $64 million to replace penalties and fees waived under the program." That leaves more than $350 million for the state.
The Louisiana amnesty is not the only such program, though it is perhaps the most wildly successful. Connecticut ran a similar program earlier this year that generated more than $180 million. Last year, the Rhode Island Tax Amnesty brought in $17 million.
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