Is your business behind on its corporate income taxes? How about retail sales tax?
The tax man is going to give you a break.
Gov. Tim Kaine announced Monday a tax amnesty program that will run Oct. 7 to Dec. 5. The amnesty also applies to the individual income tax, and several other state taxes.
Through the campaign dubbed “Get Square VA”, the state hopes to add $48 million to its coffers. Those who participate will have the 20 percent late penalty waived and receive a 50 percent reduction in interest.
Money collected through the program will go to the state’s general fund. The extra revenue will help pad the impact of Kaine’s $235 million cut to state services made to address the state’s $1.35 million budget gap.
More details will be forthcoming Oct. 7 at the official website GetSquareVA.com.