Tax amnesty program to help balance budget
Mainers overdue on their taxes will get a break as part of a new amnesty program designed to bring in hundreds of millions of dollars owed to the state in back taxes.
The program, which runs from Sept. 1 through the end of November, waives 90% of the penalties assessed while requiring that all the taxes and interest owed be paid within 90 days, according to the Bangor Daily News. Cases already in court for collection or referred to the attorney general for prosecution are not eligible.
Devised as a way to help balance the current $5.8 billion, two-year state budget, the program is an effort to bring in some of the more than $250 million in overdue taxes, penalties and interest owed to the state by more than 70,000 residents and businesses, the paper reported. A similar program in 2003 that waived all penalties and half the interest owed brought in $37 million.
Most Recent
Most Recent
Comments