Tax Amnesty Program Nets State Over $76M
LANSING (WWJ)– More than 15,000 taxpayers have “fessed up” to the state of Michigan. The State Treasury Department says Michigan’s 45-day Tax Amnesty program has netted the state more than $76 million dollars.
Taxpayers had penalties waived if they paid back taxes and interest in full by then. The bulk of the money came from the Michigan Business Tax, Income Tax, and Sales Tax returns.
“While Treasury will not have a final analysis for several weeks yet, I am very pleased with the success of the 2011 Tax Amnesty program,” said State Treasurer Andy Dillon in a statement.
“Based on what is still preliminary data, Tax Amnesty generated more than $62 million for the state’s general fund and another $14 million for the school aid fund this fiscal year,” he said
The Tax Amnesty program ran mid-May through the end of June. The Department of Treasury is expected to release a complete analysis of the program later this year.