New York City Finance Commissioner Martha E. Stark announced yesterday that the Finance Department will accept amnesty applications for New York business and excise taxes from October 20, 2003 through January 23, 2004. She predicted that thousands of taxpayers will pay off old debts as a result.
Under the amnesty program, Finance will waive penalties and reduce interest for qualifying taxpayers. The amnesty, which is generally available for tax years or periods ending on or before December 31, 2001, covers the General Corporation Tax, the Unincorporated Business Tax, the Commercial Rent Tax and several other taxes. The amnesty does not include the real estate, personal income, or sales and use taxes.
“I strongly urge anyone who owes the City business or excise taxes to consider taking advantage of this amnesty,” Commissioner Stark announced, adding that: “Amnesties are rare in New York City - and every day we’re stepping up our efforts to collect unpaid taxes.”
Amnesty notices will be sent out to 200,000 delinquent taxpayers, who will be told what they owe and how much the amnesty can save them. A further 300,000 will also receive notices for failing to file returns in certain periods. The City hopes to raise $20 million from the program.
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