State's tax amnesty program reeling in residents

From the Santa Fe NewMexican - by Kate Nash - Paying taxes may never be popular, but it looks like the state's tax amnesty program could be. So far, 2,000 people have made inquiries about the program, under which individuals and businesses who disclose unpaid taxes that were due before 2010 won't have to pay penalties. The program, announced June 7, doesn't forgive the taxes owed. The state expects the amnesty, for which delinquent taxpayers must apply by Sept. 30, could raise about $7 million. Of that, $5.5 million would go to the state's general fund, while $1.5 million would go to various local governments, depending on where it was collected. So far, 180 people have applied. Because it takes a few months for the Taxation and Revenue Department to establish what a taxpayer owes, it's unclear how much the state is on track to collect, department spokesman S.U. Mahesh said. Residents will have 180 days to pay back taxes in order to avoid having to pay interest. Read more

State's tax amnesty program reeling in residents