The state of Colorado expects to raise between $10 million and $12 million for K-12 funding through a new tax-amnesty program launched Monday.
But if history is a guide, the “Jump at the Chance!” program may bring in a lot more.
A 2003 state-tax amnesty that had been expected to raise $3 million to $4 million collected $23.4 million, said state Sen. Pat Steadman, D-Denver, a sponsor of the amnesty bill.
A 1985 amnesty brought in $6.4 million in unpaid taxes, according to the Colorado Department of Revenue.
State officials don’t know how many individuals and businesses will respond. But the 2003 tax-amnesty program generated returns from 4,100 taxpayers, some of them filing for multiple years.
Delinquent state taxpayers have a 46-day window from Oct. 1 to Nov. 15 to catch up on overdue taxes without penalty or criminal prosecution.
They also will get half off on the interest payments that otherwise would be charged on the overdue taxes.
The taxes must have been due to the state on or before Dec. 31, 2010. That means 2010 individual income taxes due in April don’t qualify.
Other exceptions include obligations under the International Fuel Tax Agreement, the Passenger Mile Tax and the International Registration Program. And no amnesty for taxpayers already caught. Also, anyone with a tax-delinquency notice sent before Oct. 1 or who faces a criminal investigation over unpaid taxes isn’t eligible.
“This is the right thing to do and the right time to do it,” said state Rep. Mark Ferrandino, D-Denver, another sponsor of Senate Bill 184, which authorized the amnesty.
The state ended its fiscal year June 30 more than $300 million in the black but faces significant shortfalls in the future, according to a study from the University of Denver.
Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or
“Jump at the Chance”
The Revenue Department has launched a marketing program called “Jump at the Chance” to promote the effort:
Phone: 303-205-8288 or 1-855-330-3490
