Saturday, June 12, 2010

Philly Says Tax Amnesty Has Raised $7 Million-Plus

Philadelphia has 2 ½ weeks left in their tax amnesty program, and it has reportedly been a major success. The city claims they have already collected over $7 million. As this article from Business Week explains, the program began May 3 and will end on June 25.

Under the terms of the program, all penalties and half the interest owed are being waived.

Officials said Tuesday they had received 9,400 applications from tax delinquents seeking to take part in the amnesty. When the program started, revenue commissioner Keith Richardson said officials hoped to bring in about $30 million.

A similar state tax amnesty program began April 26 and runs through June 18.

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