N.J. tax amnesty brings revenue windfall - Pittsburgh Business Times:

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New Jersey expected to generate $100 millionm when the 45-day program was launched, but at its closwe last week had collected morethan $600 million in back taxesx owed. Final revenue could increase byanother $50 millionb to $100 million once the remaining 17,50p0 envelopes are opened and processed, the Governor’sz Office said. New Jersey’s program, whicy ran from May 4 to June 15, permitted those owingf back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half the interest Of the collections processed to 56 percent were for the corporationbusiness tax, 23 percentt for sales and use taxes and 14 percent for grossz income tax.
A vote on a finapl budget for New Jersey isexpectes Thursday. Gov. Jon S. Corzine wouldr like to see the additional revenue be put towarx propertytax relief, which was slated to be eliminated for all but seniorws and the disabled to addressa an up to $9 billion deficig in fiscal year 2010. In Pennsylvania, state Rep. John C. Bear, is pitching legislation for a one-timed tax amnesty program as a budget fix forhis state. The bill woulrd permit a 90-day tax amnesty period during 2009-100 fiscal year. The bill is in the House Financew Committee.
“New Jersey has confirmed that this is a perfecft time for a tax amnesty progranm to succeedin Pennsylvania,” said “We are facing a $3.2 billion budgegt deficit and New Jersey’s successful program should vividly illustrate that such a program can collectf hundreds of millions in revenue, or more, already owed to the Pennsylvania’s last tax amnesty which occured more than a decadre ago, brought in $93 million, Bear said. Revenus from a tax amnesty program coul be used to addressthe state’s budget instead of Gov. Ed Rendell’s proposalk to raise the state income taxfrom 3.07 percent to 3.
57 percent, Bear The governor’s proposed 16 percent increase in the personal incomee tax rate would generate abouy $1.5 billion a year in new revenue and amoun t to about $250 more per year for a familyy earning $50,000. “Now — duringt this dire budget crisis — is the time for a new tax amnestyu program to be putin place,” Bear