NJ seeking to pass tax amnesty

New Jersey is seeking to pass tax amnesty as a temporary measure to increase school aid.

Senator Carmen Amato, Assemblyman Brian Rumpf, and Assemblyman Gregory Myhre have introduced legislation (S-3863 & A-5013) to establish a 90-day tax amnesty program aimed at raising additional school aid for fiscally challenged districts. The revenue collected from this program would be dedicated to stabilization aid for these school districts.

The proposed amnesty period would apply to state tax liabilities for returns due between September 1, 2017, and January 1, 2025. During this period, taxpayers who have failed to pay state taxes can settle their unpaid taxes and half of the interest due as of November 1, 2024, without facing additional interest, recovery fees, civil penalties, or criminal penalties.

The legislators emphasize that this program would provide a much-needed financial lifeline to school districts affected by aid cuts under the state’s current funding formula, often referred to as S-2.

News Flash • Amato, Rumpf & Myhre Bill Seeks to Raise Additi

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