NJ to Consider Tax Amnesty Program
Sunday, February 22, 2009
New York, NY –
New Jersey lawmakers are set to consider waiving some penalties for tax delinquents, to help the state raise some much needed cash.
The $10 million program would run for 45 days from April to June 15. Delinquent filers would avoid most penalties but still have to pay interest charges of five percent, and a five percent penalty per month for late filing, up to 25 percent.
The plan is set to be introduced to the legislature in the next few weeks.
Critics say it encourages people to disregard tax deadlines and is only a one-shot solution to the state's deeper financial problems.
New Jersey is one of several states considering the idea. The last two times it was offered to New Jersey taxpayers, the state raised a half-billion Dollars.