Legislation pending before the Connecticut General Assembly
would establish a tax amnesty to run from September 16, 2013,
through November 15, 2013. The "carrot" being offered
under the amnesty program is a 75 percent reduction in the interest
due – from 12 percent per year to 3 percent – which
could represent substantial savings. In addition, all civil
penalties will be waived and no criminal prosecution will be
sought. (Filing for amnesty constitutes a waiver of all rights of
appeal or to claim a refund, however.)
If you have a matter pending before the Department of Revenue
Services (the "Department") that is likely to conclude
soon, you may want to wait to see if the amnesty is enacted. (The
regular legislative session ends on June 5, 2013, but it is not
clear if the budget issues, of which amnesty is a part, will be
resolved by then.)
