Hartford (AP) — Connecticut's Department of Revenue Services is unveiling its latest tax amnesty program, hoping to collect more than $35 million in back taxes to help balance the state budget.
Starting Monday, the agency is offering a 75 percent reduction in accumulated interest and will waive all penalties for certain individuals and businesses that have not filed, have underreported or have existing state tax liabilities.
Commissioner Kevin Sullivan said his agency will strive to exceed the $35 million estimate that state lawmakers included in the new budget. An estimated 80,000 taxpayers owe approximately $400 million in back state taxes, while another 80,000 have underreported or have not filed a return.
Those who don't pay in full by Nov. 15 will face a possible 25 percent penalty and possible criminal prosecution.