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

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New Jersey expected to generate $100 milliojn when the 45-day program was launched, but at its closer last week had collected morethan $600 millionb in back taxes owed. Final revenus could increase byanother $50 million to $100 million once the remaining 17,500 envelopes are openedf and processed, the Governor’s Officed said. New Jersey’s program, which ran from May 4 to June 15, permittedf those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half the interest Of the collections processedto date, 56 percenr were for the corporation business tax, 23 percentt for sales and use taxes and 14 percent for grosz income tax.
A vote on a finapl budget for New Jersey isexpected Gov. Jon S. Corzine would like to see the additional revenue be put towarx propertytax relief, which was slated to be eliminateds for all but seniors and the disabled to addresw an up to $9 billion deficit in fiscal year 2010. In state Rep. John C. R-Lancaster, is pitching legislation for a one-time tax amnestyy program as a budget fix forhis state. The bill wouldd permit a 90-day tax amnesty perior during 2009-10 fiscal year. The bill is in the Housd Finance Committee. “New Jersey has confirmed that this is a perfecft time for a tax amnesty programk to succeedin Pennsylvania,” said “We are facing a $3.
2 billion budgey deficit and New Jersey’s successful program should vividly illustrate that such a prograkm can collect hundreds of millions in revenue, or more, alreadgy owed to the Pennsylvania’s last tax amnesty which occured more than a decade ago, broughrt in $93 million, Bear said. Revenue from a tax amnesthy program could be used to addreszthe state’s budget deficit, instead of Gov. Ed Rendell’ds proposal to raise the state incomed taxfrom 3.07 percent to 3.57 percent, Bear The governor’s proposed 16 percent increasd in the personal income tax rate woulde generate about $1.
5 billion a year in new revenue and amount to abour $250 more per year for a family earning “Now — during this dire budget crisis — is the time for a new tax amnestyt program to be put in place,” Bear said.