New York Legislature Passes Amnesty Measure

On December 2, 2009, the New York legislature passed a tax amnesty measure to authorize an accounts receivable discount program. This program will allow eligible taxpayers to pay outstanding taxes, fees, or surcharges imposed by the state. This measure has been sent to Governor David A. Paterson for his signature. Under the accounts receivable discount program, fifty percent of the penalties will be waived for eligible tax liabilities issued after December 31, 2003 and on or before December 31, 2006. For tax liabilities issued on or before December 31, 2003, eighty percent of the penalties will be waived. It is expected that the limited forgiveness period would take place in the last quarter of 2009-10. (A.B. 21, Laws 2009, Fourth Special Session; Fact Sheet: $2.7 Billion Enacted Deficit Reduction Legislation, Office of New York Gov. David Paterson, December 3, 2009)

Posted on December 7, 2009