Democrats Propose Colorado Tax Amnesty To Raise Cash
DENVER (AP) — Afraid of getting audited? Some Colorado Democrats want to help ease your worries — and raise cash for the state — by offering a two-month tax amnesty.
The proposal announced Wednesday would allow delinquent taxpayers to pay up without having to face penalties. They would only have to pay half of the interest that’s accrued on what they owe.
Colorado’s last tax amnesty was in 2003. Such government offers are commonly offered during recessions.
The Democratic sponsors — Rep. Mark Ferrandino and Sen. Pat Steadman of Denver — want the proposal to also include a review of who gets state tax breaks and their impact. That part faces long odds. A Republican-led House committee rejected a similar proposal by Ferrandino earlier this year.
Democratic sponsors say the tax amnesty could raise about $15 million.
(Copyright 2011 by The Associated Press. All Rights Reserved.)