TAX AMNESTY PROGRAM EXCEEDING EXPECTATIONS
(Carson City, NV) - Governor Jim Gibbons' tax amnesty program that lawmakers used to help fill the state's budget shortfall has exceeded expectations, meeting the lawmakers' appropriation with the program just half over, the Governor announced today.
Since beginning July 1, the amnesty program has generated collections of about $6.6 million, almost $4.6 million of which will be directed to the state's General Fund. Legislators allocated $4 million from the tax amnesty program to help meet the state's revenue shortfall during June's special legislative session.
The remaining balance of revenues collected will be allocated to local governments based on existing tax formulas.
"During this incredibly difficult economic time, I'm glad we were able to utilize a creative solution to help generate additional revenue without raising taxes," Gibbons said. "While it obviously doesn't solve all our problems, the program has already generated $4 million we didn't have to take out of education, human services or any of our other important programs."
The Governor proposed the amnesty program in May and the emergency regulations were approved by the Nevada Tax Commission in June. The program will run through Sept. 30.
The program allows individuals and businesses to pay the state certain delinquent taxes they owe without having to pay the penalties and interest. Sales and use taxes, modified business taxes and business license fees are included in the program.
Dino DiCianno, head of the Nevada Department of Taxation, said he's pleased with the results of the program so far and expects more revenue to come in.
"In previous amnesty programs the majority of revenue collections are made during the last weeks of the program because delinquent taxpayers will hold on to their money as long as they can," DiCianno said. "I don't see why that pattern wouldn't hold true with this program, so I still expect to see more revenue come in to the state and the local governments through the program."
Through the first half of the program the state has collected 3,165 delinquent payments. Of those payments, nearly $3.5 million was paid in modified business tax while more than $2.6 million was paid in sales and use tax.
The Governor said the success of the program will help shore up state finances for the remainder of the fiscal year.
"We're already seen some revenues come in lower than the Economic Forum projected at the end of June, so any additional revenue we collect through the amnesty program will help balance our budget for the remainder of the fiscal year," Gibbons said.
Source: Nevada Governor's Office
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