Indiana Owed $500 Million In Back Taxes

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The State of Indiana has started another round of tax amnesty for people/businesses who owe back taxes. This is second time the plan has been implemented. The first one was in 2005 when back taxes owed stood at $1.4 Billion. Full article can be accessed here. Snippet fromĀ www.tri-cityherald.com is below:

About 260,000 corporations, small businesses and individuals who owe the state more than $500 million are eligible for the program, which runs through Nov. 16, Indiana Department of Revenue Commissioner Andrew Kossack said.

The amnesty, which was authorized by state lawmakers as part of Indiana’s two-year budget, is being counted on to collect $84 million for Gov. Mike Pence’s new Regional Cities program that’s aimed at encouraging counties and cities to collaborate on development projects. Another $6 million will go to the Indiana Department of Transportation to support Amtrak’s Hoosier State line that runs four days a week between Indianapolis and Chicago.

Any money collected beyond the $90 million goal will go to the state’s general fund, which is being tapped to pay student loan management firm Navient Corp., which is helping collect some of the outstanding tax debt.

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