Nearly $240 million collected in Illinois tax amnesty program
The Illinois Department of Revenue, IDOR, reports that it collected nearly $240 million through its tax amnesty program.
Over $60 million of the funding collected through the program will go to local governments, with roughly $7.5 million going to the City of Chicago.
Gov. JB Pritzker proposed the amnesty program as part of last year’s budget. The Office of Management and Budget estimated the program would recover $175 million in outstanding tax liabilities.
Although the program ended in mid-November, the department expects to verify tens of millions more towards unpaid liabilities.
As of Jan. 31, IDOR had verified $237,090,718.07 in qualified amnesty payments from 63,006 taxpayers.
The department is continuing to process and certify tax amnesty payments over the next several months to ensure that the payments comply with the provisions of the program.
The Illinois Tax Amnesty Program allowed qualified taxpayers to pay off any outstanding state tax liability and have corresponding penalties and interest forgiven.
Eligible taxpayers would have incurred a tax liability after June 30, 2011, and before July 1, 2018.
Taxpayers were required to fully pay their tax liability to participate in the program, submit original returns for any unfiled periods and amended returns for periods being adjusted.
Payments for liabilities related to the business income tax, the sales tax, and the individual income tax accounted for over 90 percent of the receipts under the program.