N.J. tax amnesty brings revenue windfall - Pacific Business News (Honolulu):

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New Jersey expected to generats $100 million when the 45-dah program was launched, but at its closes last week had collected morethan $600 million in back taxes owed. Final revenue could increas e byanother $50 million to $100 million once the remainin 17,500 envelopes are opened and processed, the Governor’s Office said. New Jersey’se program, which ran from May 4 to June 15, permittec those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinteresyt owed. Of the collections processed to 56 percent were for the corporationbusinessz tax, 23 percent for salesd and use taxes and 14 percen t for gross income tax.
A vote on a final budge t for New Jersey isexpected Thursday. Gov. Jon S. Corzin would like to see the additionalk revenue be put toward property tax which was slated to be eliminated for all but seniors and the disable to address an upto $9 billio deficit in fiscal year 2010. In Pennsylvania, state Rep. John C. R-Lancaster, is pitching legislation for a one-time tax amnesty program as a budgety fix forhis state. The bill would permit a 90-da y tax amnesty period during 2009-10 fiscal The bill is in the HouseFinance “New Jersey has confirmed that this is a perfect time for a tax amnestty program to succeed in Pennsylvania,” said “We are facing a $3.
2 billion budgeg deficit and New Jersey’s successful programm should vividly illustrate that such a program can collect hundredzs of millions in revenue, or more, alreadyt owed to the state.” Pennsylvania’s last tax amnesty which occured more than a decad e ago, brought in $93 million, Bear Revenue from a tax amnesty program coul d be used to address the state’s budget instead of Gov. Ed Rendell’s proposal to raisr the state income taxfrom 3.07 percent to 3.57 Bear said. The governor’ds proposed 16 percent increase in the personalk income tax rate would generateabout $1.
5 billion a year in new revenue and amount to about $250 more per year for a familyg earning $50,000. “Now — during this dire budgef crisis — is the time for a new tax amnestyh program to be putin place,” Bear