On Tuesday, March 17th, Governor Corzine signed into law Assembly Bill 3819 (First Reprint), which requires that the Division of Taxation offer an amnesty program. The program will run for 45 days and will end no later than June 15, 2009, and is applicable to State tax liabilities for State tax returns that were due on or after January 1, 2002, and before February 1, 2009. All penalties, one-half of the interest due as of May 1, 2009, and the costs of collection would be waived upon full payment of the tax and one-half of the interest. All taxes administered by the Division of Taxation -- including corporation business, sales and use, and gross income -- should be included in the program. The program is not available to those who are the subject to criminal investigation for any State tax matter. It requires participants to relinquish their appeal rights and rights to claim refunds of any amounts paid.

Please see full legal update for more information.