The clock has started ticking Monday in cash strapped New Jersey on the opportunity to pay back taxes under a 45-day tax amnesty program.

Trying to bridge a budget deficit of up to $2 billion, New Jersey Governor Jon Corzine signed a bill creating a 45-day New Jersey state tax amnesty period that will end no later than June 15, 2009. The program expects to bring in an additional $100 million in revenue and is scheduled to begin on or about May 1, allowing the New Jersey Division of Taxation some time after the April 15 filing deadline to gear up for the program. Those owing back taxes between Jan. 1, 2002, and prior to Feb. 1, 2009, can settle up without penalty, and for less interest, until midnight June 15.

Corporate businesses taxes, sales taxes, gross income taxes and all other taxes administered and collected by the New Jersey Division of Taxation can be paid under the program. After June 15, past-due bills will be subject to an additional 5 percent penalty, plus other penalties, interest and costs.

To get full information consult the NJ Division of Taxation amnesty website

http://www.taxamnesty.nj.gov/

See YouTube Video:

http://www.youtube.com/watch?v=nJrQiKS5rEw&eurl=http%3A%2F%2Fwww.taxamnesty.nj.gov%2F&feature=player_embedded

Business Television Network

May 5, 2009