Posted: Mar 25, 2014 3:20 PM
Source: Associated Press
BATON ROUGE - Revenue Secretary Tim Barfield told lawmakers Tuesday that he expects the state to collect $100 million in back-owed taxes through an amnesty period planned for later this year.
Gov. Bobby Jindal's $25 billion budget proposal assumes the tax amnesty program will bring in the $100 million and uses the money in the health department for ongoing services.
"I feel confident we can get that goal," Barfield told the House Appropriations Committee, which is doing an agency-by-agency review of Jindal's spending recommendations.
Barfield said he expects most of the collections to come from businesses that owe corporate franchise and income taxes.
A recent amnesty period allowed delinquent taxpayers to get caught up on their tax bills without any penalties and with only half the interest charges they would have otherwise owed. It brought in $435 million, though $67 million of that was repaid with tax credits.
The next amnesty period will be less generous in the penalties and interest that are waived. Lawmakers are considering how to set those parameters.