Tax Alert: New York State Enacts Tax Amnesty Program
12/21/2009
On December 2, 2009, Governor Patterson signed legislation authorizing a tax “Amnesty” program, titled the PAID (Penalty and Interest Discount), which will give taxpayers with older unpaid tax bills the opportunity to save up to 80 percent of the penalty and interest they owe. Bills less than three years old are not eligible for this program.
The program, which will begin on January 15, 2010 and end on March 15, 2010, provides eligible taxpayers with:
- An 80 percent reduction of accrued penalty and interest on unpaid bills issued on or before December 31, 2003, and
- A 50 percent reduction of accrued penalty and interest on unpaid bills issued after December 31, 2003 and on or before December 31, 2006.
Qualified taxpayers must pay the tax, interest, and penalty by March 15, 2010, the program’s expiration date. For additional details, see the New York Amnesty webpage on the New York State Department of Taxation and Finance's website.
For more information on this and other State and Local tax matters, please contact your J.H. Cohn advisor or Patrick J. Duffany, J.H. Cohn state tax partner, at 860-633-3000.
Patrick J. Duffany, CPA, J.D., is a tax partner in J.H. Cohn LLP's State and Local Tax Group, where he specializes in multistate taxation issues with an emphasis on New York and Connecticut state tax issues. He may be reached by email or at 860-368-3607.
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