Tax News

CCH (cch.taxgroup.com) reports:

  The New York Legislature has passed a tax amnesty measure (A.B. 21, Laws 2009, Fourth Special Session) on December 2, 2009, that would allow the Department of Taxation and Finance to administer an accounts receivable discount program, for certain outstanding tax, fee, or surcharge liabilities, that are or were imposed under the Tax Law and administered by the department. The measure awaits Gov. David A. Paterson's signature.

  Under the program, penalties would be reduced by 50% for delinquent assessments that are overdue for between three years and six years. In addition, penalties would be reduced by 80% for delinquent assessments that are overdue for more than six years. The limited forgiveness period would probably take place in the last quarter of FY 2009-10.

  Subscribers can view the full text of A.B. 21.

   
  A.B. 21, Laws 2009, Fourth Special Session; Fact Sheet: $2.7 Billion Enacted Deficit Reduction Legislation , Office of New York Gov. David Paterson, December 3, 2009