Tax Amnesty Program Starts On October 20
The New York City Department of Finance will accept applications for amnesty on New York City business and excise taxes from October 20, 2003 through January 23, 2004.
Under this tax amnesty, penalties will be waived and interest will be reduced for qualifying taxpayers. Also, any criminal prosecution relating to the unpaid taxes will be prevented once amnesty is granted.
The amnesty program includes the General Corporation Tax, the Unincorporated Business Tax, and the Commercial Rent Tax, among others. It generally includes tax periods ending on or before December 21, 2001. The amnesty that takes effect on October 20 does not include personal income, sales and use taxes, or real estate taxes.
"This is an ideal opportunity for individuals who owe the City of New York business or excise taxes to pay their outstanding debt at reduced interest and penalties," according to State Senator Malcolm A. Smith. "I urge my constituents to take advantage of this program."
Interested taxpayers can access the New York City Department of Finance website at www.nyc.gov/nyctaxamnesty for general information about which taxes are included and how to qualify. Further information about the tax amnesty may also be obtained by contacting Senator Smith’s office.