Taxpayers and Business Avoid Penalties for Late Tax Payments
Last week, Governor Terry McAuliffe announced the start of the 2017 Virginia Tax Amnesty Program. The program provides delinquent individual and business taxpayers the opportunity to pay back taxes with no penalties and half the interest until November 14. This amnesty period provides most individuals, corporations, estates, trusts, and partnerships that have failed to pay taxes an opportunity to easily settle their tax obligations with the Commonwealth at a reduced cost. At the conclusion of the amnesty period, an additional 20% penalty will be assessed on any remaining amnesty-qualified liabilities.
Taxpayers who are eligible for amnesty will receive a notice through the mail, however, anyone who owes back taxes may be eligible and should contact the Virginia Department of Taxation. Approximately 300,000 notices are being mailed to households and businesses with outstanding tax bills. The average delinquent tax bill is $4,830. Approved by the 2017 General Assembly, the program assumes collection of $89.5 million for the general fund to support education, health, and public safety, as well as provide a cash reserve.
This is Virginia’s fourth tax amnesty program; previous programs were conducted in 1990, 2003, and 2009. Additional details about this tax amnesty program are available at
www.tax.virginia.gov/amnesty or by calling 1.877.PAY.VTAX.
