SALT Report 1358 – Kentucky Governor Steve Beshear’s executive budget recommendations for 2012-2014 includes a tax amnesty program and an enhanced compliance program. The proposed budget also provides for an increase in compliance and collections staff at the Department of Revenue to pursue outstanding tax bills.
The Governor’s proposed tax amnesty and compliance programs will encourage taxpayers to make payments on back taxes. In turn, the state is offering to waive penalties and one-half of the interest owed. Additional penalties and enforcement efforts will be imposed on those who do not take advantage of the amnesty program. The Governor expects the program to net $61 million.
Additionally, Governor Beshear announced the formation of a Blue Ribbon Commission on Tax Reform. The group will study ways to align Kentucky’s tax system with better business practices in an effort to promote competitiveness. Recommendations by the Commission are expected to be finalized toward the end of this year.
The Tax Amnesty Program will be available in 2013.
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