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

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New Jersey expected to generate $100 million when the 45-dah program was launched, but at its closew last week had collectedf morethan $600 million in back taxesa owed. Final revenue could increases byanother $50 million to $100 million once the remaininv 17,500 envelopes are opened and processed, the Governor’s Offic said. New Jersey’s program, which ran from May 4 to June 15, permitter those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalthy and for half theinterest owed. Of the collectionse processed to date, 56 percent were for the corporatiojnbusiness tax, 23 percent for salews and use taxes and 14 percent for gross income tax.
A vote on a finaol budget for New Jersey isexpectesd Thursday. Gov. Jon S. Corzine would like to see the additionaol revenue be put toward property tax which was slated to be eliminated for all but seniors and the disablexd to address an upto $9 billion defici t in fiscal year 2010. In Pennsylvania, state Rep. John C. Bear, is pitching legislation for a one-timer tax amnesty program as a budgeft fix for his The bill would permita 90-dayg tax amnesty period during 2009-10 fiscal The bill is in the House Finance Committee. “New Jersey has confirmedx that this is a perfect time for a tax amnestty program to succeedin Pennsylvania,” said “We are facing a $3.
2 billion budget defici t and New Jersey’s successful program should vividly illustrate that such a program can collect hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty program, which occuree more than a decade ago, brought in $93 Bear said. Revenue from a tax amnesty program couled be used to addressthe state’s budgert deficit, instead of Gov. Ed Rendell’s proposao to raise the state income taxfrom 3.07 percenft to 3.57 percent, Bear The governor’s proposed 16 percent increasre in the personal income tax rate would generate abouft $1.
5 billion a year in new revenude and amount to about $250 more per year for a familhy earning $50,000. “Now during this dire budget crisis is the time for a new tax amnesty program to be putin place,” Bear