Thursday, June 03, 2010
Kentucky Tax Amnesty
KENTUCKY....
Kentucky’s tax amnesty under Governor Paul Patton in 2002 was open to all delinquent taxpayers and raised more than $100 million. The state now expects to collect $15.5 million in taxes as a result of a limited amnesty. Under the revenue bill passed last Friday by the General Assembly, about 2,000 delinquent Kentucky taxpayers, mostly businesses, will get a break. House Bill 2 will erase millions of dollars in penalties, interest and fees owed by the delinquent taxpayers if they had a protest pending at the Revenue Department by January 19th of this year and if they agree to pay the original sum of taxes they owed no later than July 31st. The state currently charges 10 percent interest on delinquent taxes, with various penalties and fees ranging from 2 to 50 percent of the total owed.
Kentucky’s tax amnesty under Governor Paul Patton in 2002 was open to all delinquent taxpayers and raised more than $100 million. The state now expects to collect $15.5 million in taxes as a result of a limited amnesty. Under the revenue bill passed last Friday by the General Assembly, about 2,000 delinquent Kentucky taxpayers, mostly businesses, will get a break. House Bill 2 will erase millions of dollars in penalties, interest and fees owed by the delinquent taxpayers if they had a protest pending at the Revenue Department by January 19th of this year and if they agree to pay the original sum of taxes they owed no later than July 31st. The state currently charges 10 percent interest on delinquent taxes, with various penalties and fees ranging from 2 to 50 percent of the total owed.
# posted by Homer Owens @ 8:59 PM 
