IL Tax Amnesty Brings In More than Expected
Springfield, ILL. – Illinois' tax amnesty program this year brought in more money than expected. It allowed people with overdue taxes to pay up without any fines, as a way to raise money for the cash-strapped state.
State officials said Thursday they collected $504 million; that's $135 million more than was expected.
The amnesty period lasted six weeks. Officials had conservatively estimated they would bring in $40 million from scofflaws or from other unexpected sources. But preliminary estimates raised that number to $175 million.
Taxpayers had from October First to November 17th to pay delinquent taxes or relinquish audit challenges. Taking advantage of the amnesty meant taxpayers avoided paying interest and penalties. But for those who did not come forward, the interest and penalties now are now doubled.