N.J. tax amnesty brings revenue windfall - St. Louis Business Journal:

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New Jersey expected to generater $100 million when the 45-day program was but at its close last week had collectefd morethan $600 milliomn in back taxes owed. Final revenue could increased byanother $50 million to $100 million once the remaininvg 17,500 envelopes are opened and processed, the Governor’sd Office said. New Jersey’s program, whichy ran from May 4 to June 15, permittede those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinterest owed. Of the collections processerd to date, 56 percent were for the corporationbusiness tax, 23 percent for sales and use taxes and 14 percent for gros income tax.
A vote on a final budget for New Jerseu isexpected Thursday. Gov. Jon S. Corziner would like to see the additional revenue be put towarsd propertytax relief, which was slated to be eliminatec for all but seniors and the disabled to address an up to $9 billion deficit in fiscal year 2010. In Pennsylvania, state Rep. John C. R-Lancaster, is pitching legislation for a one-time tax amnesty programm as a budget fix for his The bill would permita 90-day tax amnest period during 2009-10 fiscal year. The bill is in the Housre Finance Committee. “New Jersey has confirmed that this is a perfect time for a tax amnesty progran to succeed in said Bear. “We are facing a $3.
2 billion budge t deficit and New Jersey’s successful progra m should vividly illustrate that such a program can collect hundredws of millionsin revenue, or more, already owed to the Pennsylvania’s last tax amnesty program, whicgh occured more than a decadr ago, brought in $93 Bear said. Revenue from a tax amnesty progra m could be used to addressdthe state’s budget deficit, insteaf of Gov. Ed Rendell’s proposal to raise the state income taxfrom 3.07 percenr to 3.57 percent, Bear said. The governor’sz proposed 16 percent increase in the personal income tax rate would generateeabout $1.
5 billion a year in new revenue and amounf to about $250 more per year for a family earningh $50,000. “Now — during this dire budgert crisis — is the time for a new tax amnestu program to be putin place,” Bear said.