Tax Amnesty garners $76 million--

MBT, income, and sales taxes generate most amnesty revenue Michigan's 45-day Tax Amnesty program, which ended June 30, 2011, generated more than $76 million in revenue for the current fiscal year (2011) budget, according to preliminary data from the Michigan Department of Treasury. ''While Treasury will not have a final analysis for several weeks yet, I am very pleased with the success of the 2011 Tax Amnesty program,'' said State Treasurer Andy Dillon. ''Based on what is still preliminary data, Tax Amnesty generated more than $62 million for the state's general fund and another $14 million for the school aid fund this fiscal year.'' Under Tax Amnesty, qualifying taxpayers had penalties waived if they paid unpaid or delinquent state taxes and interest, in full, within the 45-day period. In all, more than 15,000 different taxpayers submitted Tax Amnesty applications, involving more than 37,000 tax returns. Amnesty applications related to the Michigan Business Tax generated the most revenue and interest at more than $23 million from approximately 2,600 MBT returns. Nearly 15,000 Individual Income Tax returns accounted for approximately $19 million in tax and interest with more than 9,000 Sales Tax returns garnering another $17.8 million in taxes and interest. The Department of Treasury will release a complete analysis of the Tax Amnesty program later this year. Copyright © 2011 State of Michigan Published: Thu, Aug 4, 2011