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Mon May 2, 2011
NM Tax Amnesty Program Collects $7 Million
By KRWG News
New Mexico – The Taxation and Revenue Department says taxpayers participating in an amnesty program owe nearly $15 million and almost half of that already has been collected by the state.
A 90-day tax amnesty program was offered last year and about 9,200 taxpayers applied. The program allowed individuals and businesses to pay their unreported taxes without penalties or interest.
It's uncertain how much money the state will end up getting from the program. About 3,600 cases remain open and the department hasn't finished processing them.
Once the state determines how much a taxpayer owes, an assessment notice is sent. The taxpayer has 180 days to pay in full.
Copyright 2011 The Associated Press.