New Mexico Tax Amnesty

New Mexico – New Mexico's tax department is promising relief from sleeplessness, panic attacks, high blood pressure and other ills: Just pay your back taxes.

The Taxation and Revenue Department unveiled a tax amnesty program Monday that will allow New Mexico businesses and residents to avoid interest and penalties while catching up on unpaid taxes.

The program began Monday and runs through Sept. 30.

It's for tax years prior to 2010.

State tax officials estimate the amnesty program could bring in $7 million.

Some $5.5 million would go to the state general fund. The remaining $1.5 million would go to various local governments.

Copyright 2010 The Associated Press.