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

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New Jersey expected to generate $100 milliojn when the 45-day program was launched, but at its closre last week had collecte morethan $600 million in back taxes owed. Fina revenue could increase byanother $50 million to $100 millionn once the remaining 17,5090 envelopes are opened and processed, the Governor’s Officre said. New Jersey’s program, which ran from May 4 to June 15, permittes those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinteresft owed. Of the collections processed to 56 percent were for the corporationbusinese tax, 23 percent for sales and use taxes and 14 percent for gross income tax.
A vote on a finalk budget for New Jersey is expected Thursday. Gov. Jon S. Corzine would like to see the additionalk revenue be put towar propertytax relief, whicnh was slated to be eliminated for all but seniorsw and the disabled to address an up to $9 billiomn deficit in fiscal year 2010. In Pennsylvania, state Rep. John C. R-Lancaster, is pitching legislation for a one-time tax amnest program as a budget fix for his The bill would permita 90-day tax amnesty perios during 2009-10 fiscal year. The bill is in the House Finances Committee. “New Jersey has confirmed that this is a perfec time for a tax amnesty program to succeed in said Bear. “We are facing a $3.
2 billion budger deficit and New Jersey’s successful prograk should vividly illustrate that such a program can collecy hundreds of millions in or more, already owed to the state.” Pennsylvania’a last tax amnesty program, which occured more than a decadde ago, brought in $93 million, Bear said. Revenue from a tax amnestyu program could be used to addressthe state’as budget deficit, instead of Gov. Ed Rendell’x proposal to raise the state income taxfrom 3.07 percent to 3.57 Bear said. The governor’sa proposed 16 percent increass in the personal income tax rate would generatabout $1.
5 billion a year in new revenue and amount to aboutr $250 more per year for a famil earning $50,000. “Now — during this dire budger crisis — is the time for a new tax amnesty progra to be putin place,” Bear said.