Conn. launches latest tax amnesty program - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Conn. launches latest tax amnesty program

Posted: Updated:
By SUSAN HAIGH

HARTFORD, Conn. (AP) - Connecticut's Department of Revenue Services is unveiling its latest tax amnesty program, hoping to collect more than $35 million in back taxes to help balance the state budget.

Starting Monday, the agency is offering a 75% reduction in accumulated interest and will waive all penalties for certain individuals and businesses that have not filed, have underreported or have existing state tax liabilities.

Commissioner Kevin Sullivan said his agency will strive to exceed the $35 million estimate that state lawmakers included in the new budget. An estimated 80,000 taxpayers owe approximately $400 million in back state taxes, while another 80,000 have underreported or have not filed a return.

Those who don't pay in full by Nov. 15 will face a possible 25% penalty and possible criminal prosecution.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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