From the Department of Revenue Services:
“With the November 15th deadline over a week away, the Connecticut Department of Revenue Services (DRS) Commissioner Kevin B. Sullivan announced today that nearly $63 million has already been collected under the state’s Tax Amnesty. The state had budgeted $35 million.
The Tax Amnesty began September 16 as an opportunity for all that owe back taxes in Connecticut to make it right. All state taxes are eligible for amnesty even if the taxpayer is in litigation with the state, in audit, has under-reported past taxes, or even never paid taxes due. The only exceptions are the motor carrier road tax and those taxes not administered by DRS.
Taxpayers that qualify for the amnesty and pay the taxes owed in full will avoid penalties and 75% of the interest that has accrued on their tax debt. Taxpayers that fail to come forward during the amnesty may face a 25 percent penalty instead of the usual 10 percent.
Said Commissioner Sullivan, “The Governor and State Legislature wisely took a conservative approach, so I am glad we are exceeding expectations. As I have said before, this is a chance for delinquent taxpayers to do the right thing and the smart thing. It returns more to the state on behalf of all our taxpayers than would likely be realized through the expense of the usual collection efforts. This also means we can focus enforcement even more on those who fail to come forward during the amnesty period and we will find them.”
Commissioner Sullivan reminded delinquent taxpayers that the amnesty period is open until November 15, 2013.”