Tax amnesty program brings in $21M _ $8M more than expected
PROVIDENCE, R.I. (AP) — Rhode Island officials say a tax amnesty program has brought in $21 million, about $8.7 million more than expected.
The Rhode Island Division of Taxation on Monday says it processed more than 10,000 applications for the amnesty when the program ran from December to February.
The program waived penalties and cut interest 25 percent for people who paid what they owned in back taxes. Officials had budgeted for the amnesty to bring in $12.5 million, but it brought in nearly 70 percent more than expected. The state ended up forgiving more than $9 million in penalties and interest under the terms.
Department of Revenue Director Mark Furcolo says the program provided a clean slate and fresh start for those who took advantage of it.