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Taxpayer Savings Through Amnesty
Kentuckians who owe state taxes now have just two weeks to take advantage of an amnesty program. Delinquent taxpayers can pay what they owe and avoid penalties, fees, and additional interest. Kentucky Secretary of Finance and Administration Lori Flanery says it’s been ten years since Kentucky has offered tax amnesty. “The amount of money that is anticipated is about 55 million dollars. In the 2002 effort, there was actually 40 million dollars collected,” said Flanery.
After tax amnesty ends on November 30th, Flanery says additional penalties will be levied on delinquent taxpayers. “There are some other additional penalties that the legislature put in place where we will have enhanced interest beginning December first 2012. So, it’s not like you’re going back to what you would have owed before amnesty. We’re gonna actually have enhanced penalties after that,” explained Flanery. Flanery says, by far, there are more individuals than businesses who owe state taxes. But, she adds it’s businesses that pay about 75 percent of the money collected.