In an attempt to collect Illinois back taxes the state of Illinois is implementing a tax amnesty program. Illinois Governor Pat Quinn plans this tax amnesty program will bring in hundreds of millions of dollars to help Illinois’s struggling economy.
The amnesty program will allow anyone who owes taxes from the period of June 30, 2002, and June 30, 2009, to pay off their tax liabilities owed without penalties and interest.
Tax penalties typically can be up to 50% of the tax amount owed which can provide significant benefit to taxpayers that have gotten behind on their payments. The governor said that taxpayers will be able to pay off the liabilities with no penalties and no interest with no questions asked.
Tax amnesty programs have been an excellent way for states to quickly recover unpaid taxes by providing excellent incentives for taxpayers to get back on track. Illinois is hoping that they will receive upwards of $250 million.