TRENTON, NJ – Yesterday was Tax Day, and the numbers are in. The impact of the three-month Tax Amnesty Program proposed by Assemblyman Robert Karabinchak, Assembly Speaker Craig Coughlin (both D-Middlesex) and Wayne DeAngelo (D-Mercer, Middlesex) last April to help replenish state coffers amounted to $282 million in state revenue.
The Department of Treasury shared an estimation of the revenue in early April during an appearance before the Assembly Budget Committee, but has recently released a total gain from the program. The revenue received from the tax amnesty program is mostly attributable to sales and use tax, gross income tax and corporate business tax payments.
“The Tax Amnesty program has exceeded our expectations and brought in real revenue dollars that New Jersey can use as we prepare the FY2020 budget,” said Karabinchak. “By suspending penalties for unpaid taxes, we encouraged thousands of residents to take advantage and settle their back taxes. This program was a win for residents and for the state.”
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by regina wilder
april 16, 2019