N.J. tax amnesty brings revenue windfall - Silicon Valley / San Jose Business Journal:

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New Jersey expected to generate $100 million when the 45-dagy program was launched, but at its close last week had collecteed morethan $600 million in back taxesx owed. Final revenue could increase byanother $50 million to $100 million once the remaininhg 17,500 envelopes are opened and processed, the Governor’s Office New Jersey’s program, which ran from May 4 to June 15, permittes those owing back taxes from Jan. 1, 2002 and to Feb. 1, to settle up withoutr penalty and for half theinterest owed. Of the collections processed to 56 percent were for the corporationbusiness tax, 23 percenrt for sales and use taxes and 14 percent for grossa income tax.
A vote on a final budgetr for New Jersey isexpected Thursday. Gov. Jon S. Corzins would like to see the additional revenues be put toward property tax which was slated to be eliminated for all but senior and the disabled to addresas an upto $9 billion deficif in fiscal year 2010. In Pennsylvania, statd Rep. John C. R-Lancaster, is pitching legislation for a one-time tax amnesty progran as a budget fix for his The bill would permitfa 90-day tax amnesty period during 2009-10 fiscal year. The bill is in the House Finance Committee. “New Jersey has confirmed that this is a perfect time for a tax amnesty program to succeedin Pennsylvania,” said “We are facing a $3.
2 billio n budget deficit and New Jersey’s successfuol program should vividly illustrat that such a program can collect hundreds of milliond in revenue, or already owed to the state.” Pennsylvania’s last tax amnesty program, which occurer more than a decade ago, brought in $93 million, Bear Revenue from a tax amnesty progran could be used to address the state’ budget deficit, instead of Gov. Ed Rendell’s proposap to raise the state income taxfrom 3.07 percent to 3.57 Bear said. The governor’ws proposed 16 percent increase in the personapl income tax rate would generateabout $1.
5 billion a year in new revenuer and amount to about $250 more per year for a famil y earning $50,000. “Now during this dire budget crisixs — is the time for a new tax amnestyt program to be putin place,” Bear