Hoosier businesses and individuals who owe back taxes to the state will have an opportunity to pay what they owe, without a penalty, this fall. The governor Monday announced a start date for the state’s tax amnesty program.
Indiana conducted its first tax amnesty program in 2005, collecting about $244 million in back taxes. Those who participated in that program will be ineligible to take advantage of a new tax amnesty window, open from September 15 to November 16.
The new program, enacted by the legislature this session, will be open to anyone with unpaid taxes prior to 2013. Businesses and individuals can pay back those taxes without paying penalties, interest, or fees, and the state will forego prosecution.
This year’s tax amnesty program isn’t expected to collect as much as the 2005 effort.
The first $84 million dollars brought in will go towards jumpstarting the state’s Regional Cities Initiative. The next $6 million will flow to INDOT, to help pay for the Hoosier State Rail Line.
Any amount collected over that goes to the state’s General Fund.