N.J. tax amnesty brings revenue windfall - The Business Journal of Milwaukee:

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New Jersey expected to generats $100 million when the 45-day program was launched, but at its closde last week had collected morethan $600 million in back taxes owed. Final revenue could increase byanother $50 million to $100 million once the remaining 17,500 envelopes are opene and processed, the Governor’s Office New Jersey’s program, which ran from May 4 to June 15, permittef those owing back taxes from Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinteres owed. Of the collections processed to date, 56 percent were for the corporatio nbusiness tax, 23 percent for salezs and use taxes and 14 percent for gross income tax.
A vote on a finaol budget for New Jersey isexpected Gov. Jon S. Corzine would like to see the additionalo revenue be put towarx propertytax relief, which was slated to be eliminater for all but seniors and the disableds to address an up to $9 billiomn deficit in fiscal year 2010. In state Rep. John C. Bear, R-Lancaster, is pitchinfg legislation for a one-timre tax amnesty program as a budget fix for his The bill would permita 90-day tax amnesty period durinv 2009-10 fiscal year. The bill is in the House Finance Committee. “New Jersey has confirme that this is a perfect time for a tax amnestyy program to succeedin Pennsylvania,” said Bear. “We are facinbg a $3.
2 billion budget deficif and New Jersey’s successfulp program should vividly illustrate that such a prograk can collect hundreds of millions in 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 program couls be used to addressathe state’s budget instead of Gov. Ed Rendell’s proposak to raise the state income taxfrom 3.07 percen to 3.57 percent, Bear said. The governor’z proposed 16 percent increase in the personakl income tax rate would generatdeabout $1.5 billion a year in new revenure and amount to aboutr $250 more per year for a famil earning $50,000.
“Now — during this dire budget crisisx — is the time for a new tax amnest program to be put in Bear said.