N.J. tax amnesty brings revenue windfall - Los Angeles Business from bizjournals:

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New Jersey expected to generate $100 million when the 45-dauy program was launched, but at its close last week had collectedc morethan $600 million in back taxew owed. Final revenue coule increase byanother $50 millionn to $100 million once the remaining 17,500 envelopes are openeds and processed, the Governor’s Office said. New Jersey’x program, which ran from May 4 to June 15, permitted those owinyg back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinterest owed. Of the collections processer to date, 56 percent were for the corporationnbusiness tax, 23 percent for saleds and use taxes and 14 percent for gros income tax.
A vote on a final budget for New Jerseu isexpected Thursday. Gov. Jon S. Corzine wouled like to see the additional revenue be put toward propertyutax relief, which was slated to be eliminated for all but seniors and the disabled to address an up to $9 billionb deficit in fiscal year 2010. In Pennsylvania, statde Rep. John C. R-Lancaster, is pitching legislation for a one-time tax amnesty program as a budget fix forhis state. The bill woul permit a 90-day tax amnest period during 2009-10 fiscal year. The bill is in the Housee Finance Committee. “New Jersey has confirmedx that this is a perfec t time for a tax amnesty program to succeed in said Bear. “We are facing a $3.
2 billionj budget deficit and New Jersey’s successful prograkm should vividly illustrate that such a prograjm can collect hundreds of millionsin revenue, or already owed to the state.” Pennsylvania’x last tax amnesty program, which occurexd more than a decade ago, brought in $93 million, Bear said. Revenue from a tax amnest y program could be used to addresthe state’s budget deficit, instead of Gov. Ed Rendell’se proposal to raise the state incomwe taxfrom 3.07 percent to 3.57 percent, Bear The governor’s proposed 16 percent increasse in the personal income tax rate woulcd generate about $1.
5 billion a year in new revenue and amount to about $250 more per year for a family earning $50,000. “Now — durinh this dire budget crisis — is the time for a new tax amnestuy program to be put in Bear said.