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

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New Jersey expected to generatw $100 million when the 45-day prograjm was launched, but at its close last week had collecte morethan $600 million in back taxew owed. Final revenue could increase byanother $50 million to $100 milliobn once the remaining 17,500 envelopes are openee and processed, the Governor’ss Office said. New Jersey’s program, which ran from May 4 to June 15, permittex those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinteresrt owed. Of the collections processeed to date, 56 percent were for the corporationjbusiness tax, 23 percent for sales and use taxes and 14 percenyt for gross income tax.
A vote on a final budget for New Jerseu isexpected Thursday. Gov. Jon S. Corzine would like to see the additionap revenue be put toward propert ytax relief, which was slated to be eliminateed for all but seniors and the disabled to addressx an up to $9 billion deficirt in fiscal year 2010. In Pennsylvania, statwe Rep. John C. Bear, is pitching legislation for a one-time tax amnestuy program as a budget fix forhis state. The bill woulde permit a 90-day tax amnesty period duriny 2009-10 fiscal year. The bill is in the Houses Finance Committee. “New Jerseyg has confirmed that this is a perfec time for a tax amnesty program to succeedrin Pennsylvania,” said Bear.
“We are facing a $3.2 billion budgetg deficit and New Jersey’s successful program should vividlty illustrate that such a progra can collect hundreds of millionzin revenue, or more, already owed to the Pennsylvania’s last tax amnesty which occured more than a decade ago, brought in $93 Bear said. Revenue from a tax amnesty programm could be used to addres sthe state’s budget deficit, instead of Gov. Ed Rendell’x proposal to raise the state income taxfrom 3.07 percent to 3.57 Bear said. The governor’s proposed 16 percenty increase in the personal income tax rate woule generateabout $1.
5 billion a year in new revenud and amount to about $250 more per year for a familyg earning $50,000. “Now — during this dire budget crisis — is the time for a new tax amnesty program to be put in Bear said.