LOUISVILLE, KY. (WDRB) -- Governor Steve Beshear has announced program he hopes will help boost the state's budget. The goal of the tax amnesty program is to bring in tens of millions of dollars into the state.
Amnesty applications have already been sent to taxpayers who are eligible to take part in the program. It's believed that 170,000 citizens and businesses can participate.
The program isn't new -- in fact, it was also in place about 10 years ago, and brought in around $40 million. The governor says he hopes the state will do at least that well this time.
"This is a great way to add significant revenue to the state budget in a short amount of time," said Gov. Beshear. "Offering amnesty also helps responsible taxpayers who've faced tough times and want to get out of trouble a way to meet their obligations and save them significant money. They can pay now or pay more later."
Taxpayers have until November 30th to make restitution. If they meet that deadline, there will be no penalties, no fees, and you'll only have to pay half the interest you owe.
The state says the average delinquent taxpayer owes about $5,000, with the average for a business being $25,000.
Anyone who does not apply for amnesty will face higher penalties and an additional two percent in interest.
From Gov. Beshear's office:
The toll-free hotline set up by the Department of Revenue to handle Tax Amnesty questions is 855-KYTAXES (855-598-2937). The website – www.amnesty.ky.gov – provides more information and has a searchable database of delinquent taxpayers. It also has all forms needed to apply for amnesty.
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