Oct
03

Owe State Taxes? Here’s Some Amnesty for You

October 03, 2010

The Illinois tax amnesty program has begun.

The program allows Illinois taxpayers to pay off their overdue state taxes without penalty or interest from October 1 through November 8.

If you owe state tax money from the tax period after June 30, 2002 but before July 1, 2009, this program will waive all penalties or interest if you pay the tax bill in full by November 8, 2010.

Calculator with tax rateAccording to Governor Pat Quinn, who passed the amnesty program into law earlier this year, penalties and interest account for $4 out of every $10 in tax debt owed to the state. That’s a big chunk of change.

“During these unprecedented fiscal times, we must do everything we can to bring additional revenues to the state,” said Governor Quinn. “This is the best opportunity for people who owe the state back taxes – for any reason – to pay them without the added burden of penalties and interest.”

When you participate in the program, if you didn’t file a tax return or filed it incorrectly during the tax period in which you owe, you must fix your error and file now.

“Amnesty offers those who have a tax debt hanging over their head the chance to clear the slate and start over,” said Illinois Department of Revenue Director Brian Hamer. “I urge all delinquent taxpayers to take this opportunity to pay what they owe.”

You better take advantage of this program if you owe back state taxes, because on November 9, taxpayers who owe will receive doubled interest and penalties.

“Once the amnesty ends, we will initiate a major new effort to collect delinquent taxes, using such tools as bank levies, property liens, wage garnishments, business and professional license revocations, and even criminal prosecutions when appropriate.“

For more information, visit Tax.Illinois.gov or call the Taxpayer Assistance Center at (800) 732-8866 or (217) 782-3336.

Categories: Economy

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