Commonwealth offers tax amnesty program
The 2017 Virginia Tax Amnesty Program began Wednesday and will continue until Nov. 14.
The program provides delinquent individual and business taxpayers the opportunity to pay back taxes with no penalties and half the interest.
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.
The amnesty period provides most individuals, corporations, estates, trusts, and partnerships that have failed to pay taxes an opportunity to settle their tax obligations with the commonwealth.
At the conclusion of the amnesty period, an additional 20 percent penalty will be assessed on any remaining amnesty-qualified liabilities.
The Virginia Department of Taxation is mailing approximately 300,000 notices to households and businesses with outstanding tax bills. The average delinquent tax bill is $4,830.
This is Virginia’s fourth tax amnesty program; previous programs were conducted in 1990, 2003, and 2009.