Illinois Tax Amnesty Program

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On August 16, 2010, Illinois Governor Pat Quinn signed the much anticipated tax amnesty program into law. The tax amnesty program allows taxpayers to voluntarily come forward and pay Illinois taxes without the imposition of interest or penalties or fear of prosecution. This is a summary of the most salient provisions of the amnesty program:

Amnesty Period. Taxpayers owing taxes due after June 30, 2002, and prior to July 1, 2009, have from October 1, 2010, through November 8, 2010, to participate in the amnesty program.

Failure to Participate. Taxpayers that fail to satisfy their tax liability during the amnesty period will be subject to interest and penalties in an amount that is 200 percent of the otherwise applicable amounts.

Revenue Raiser. Illinois is clearly trying to generate revenue for its depleted coffers. It is estimated that the tax amnesty program will generate between $100 million and $250 million in revenue.

This is the first time in seven years that Illinois has offered its tax amnesty program. The program provides an excellent opportunity for Illinois taxpayers to become compliant.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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