Illinois Tax Amnesty Bigger Success Than Expected
SPRINGFIELD, Ill. (CBS) -- You might have heard this before – it's easier to ask forgiveness than to seek permission. And a state forgiveness program – tax amnesty – was more of a success than predicted.
Dan Long, executive director of the state's Commission on Government Forecasting and Accountability, says $547 million has come in.
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He says the commission estimates the state's General Revenue Fund will get to keep about $400 million, with the rest being distributed to local units of government.
Long says the commission predicted about $100 million would be raised and that the governor's office predicted about $250 million. One reason to think the amnesty program would not be very successful is that the last one was in 2004.
"I think in the end," Long says, "much of this revenue is coming in as kind of accelerated payment of taxes, which will eventually be reconciled over the next three fiscal years, and the true amount of money from those who have paid who owe taxes will be much less. But this is bringing in additional revenue into this fiscal year, which is very much needed."
However, Long adds, "You may not see another one for 20 years!"
