Colorado’s Business Tax Amnesty Program A Disappointment
DENVER (CBS4) – Tuesday was the deadline for businesses to come forward under the state’s tax amnesty program.
CBS4’s news partners at the Denver Business Journal report the results so far have been disappointing.
Gov. John Hickenlooper signed a bill this summer creating a 45-day grace period. It allowed businesses to pay any back taxes with no criminal or civil penalties, and only half the interest.
At the time the state hoped to collect up to $15 million. But as of last Friday only about $804,000 in back taxes had been paid. That doesn’t even cover the million dollars it cost to administer the program. Any money above that will go to the state education fund.