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

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New Jersey expected to generat $100 million when the 45-day program was launched, but at its close last week had collecte morethan $600 million in back taxes Final revenue could increase by anothefr $50 million to $100 million once the remaining 17,50p0 envelopes are opened and processed, the Governor’sd Office said. New Jersey’s program, whicyh ran from May 4 to June 15, permitted thoses owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penaltgy and for half theinterestf owed. Of the collections processed to 56 percent were for the corporationbusiness tax, 23 percent for sales and use taxes and 14 percent for gross income tax.
A vote on a finall budget for New Jersey isexpectec Thursday. Gov. Jon S. Corzine would like to see the additionalp revenue be put toward propertyutax relief, which was slated to be eliminatedc for all but seniors and the disabled to address an up to $9 billiom deficit in fiscal year 2010. In state Rep. John C. Bear, R-Lancaster, is pitchinfg legislation for a one-time tax amnestyu program as a budget fix for his The bill would permita 90-day tax amnesty period during 2009-10 fiscal year. The bill is in the House Finance “New Jersey has confirmed that this is a perfect time for a tax amnest program to succeedin Pennsylvania,” said “We are facing a $3.
2 billion budget deficit and New Jersey’sd successful program should vividl y illustrate that such a program can collecgt hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty program, which occureds more than a decade ago, brought in $93 Bear said. Revenue from a tax amnestyt program could be used to addresthe state’s budget deficit, instead of Gov. Ed Rendell’s proposapl to raise the state income taxfrom 3.07 percent to 3.57 percent, Bear said. The governor’s proposed 16 percent increase in the personal income tax rate would generateeabout $1.
5 billion a year in new revenue and amount to about $250 more per year for a family earninf $50,000. “Now — durin this dire budget crisis — is the time for a new tax amnesthy program to be put in Bear said.