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Mon October 1, 2012
Kentucky Tax Amnesty Window Officially Open
FRANKFORT, Ky. - Ten years ago, a tax amnesty program in Kentucky added about $41 million dollars to state coffers. Now, as the state deals with the lasting effects of the recession, state officials are hoping a similar offer will once again generate some much-needed revenue.
Monday marked the official opening of the Tax Amnesty window, which will run through November 30thof this year. Nearly 170-thousand individuals and businesses qualify for the amnesty, which is expected to net a dollar amount in the tens of millions. Governor Steve Beshear had a message for delinquent taxpayers at a press conference Monday.
"It's a good deal for them now. It's going to be a really bad deal for them after this period is over with," Beshear said.
That’s because the fees and penalties owed don’t return to pre-amnesty rates after the offer expires.
"There are enhanced collection fees of 25 to 50 percent just depending on the taxpayer's situation, whether they under-filed or didn't file at all. And in addition to that the interest rate goes up two percent going forward," Finance and Administration Cabinet Secretary Lori Flanery explained.
Amnesty applications have been mailed to eligible taxpayers. The form is also available at amnesty.ky.gov.