Compromise Found on Restarting Kentucky Tax Amnesty
Kentucky lawmakers seem to have reached an agreement on a bill to restart a tax amnesty program. The program allows Kentuckians with delinquent taxes to apply for reduced payments. Governor Steve Beshear proposed the program to help raise revenue.
The House scaled back Beshear's original proposal, and the Senate made further revisions. But legislative leaders have decided to remove most of those revisions and pass the bill.
“There’s about roughly 18, 19 million dollars I believe that we rely upon in the budget to balance with based on tax amnesty so we have to have that bill," says House Speaker Greg Stumbo.
Kentuckians who receive amnesty are required to pay their taxes on time for the next three years in order for the state to fully forgive delinquent taxes.
Kentucky last had a tax amnesty program in 2001.