NJ OKs multiple tax amnesty period

TRENTON, N.J. — According to the Ontario Trucking Association, the New Jersey Division of Taxation has adopted new rules implementing procedures for a state tax amnesty period.

The amnesty window that is scheduled between May 4, 2009, through June 15, 2009 and applies only to state tax liabilities for tax returns due on and after January 1, 2002, and before February 1, 2009, reports OTA.

During this time those who have failed to pay a state tax can pay it and "one-half of the balance of interest that is due as of May 1, 2009, without the imposition of the remaining one-half of the balance of interest that is due as of that date, recovery fees, and civil or criminal penalties arising out of the tax obligation."

If a taxpayer eligible for the amnesty fails to pay money owed, he will be subject to a 5 percent penalty that may not be waived or abated. This will be in addition to all other penalties, interest, or collection costs otherwise authorized by law, says OTA.