Connecticut tax amnesty begins

03-11-2021

Connecticut tax amnesty begins

shutterstock/Artur Szczybylo

Connecticut’s back-tax amnesty began on Monday and will run until the end of January 2022, the State’s Department of Revenue Services (DRS) has announced. The program provides a 75% reduction in interest and waives penalties and the possibility of criminal prosecution to those who have not filed, have under reported or have existing liabilities related to taxes owed to the state for any tax period ending on or before December 31, 2020.

“We are offering a limited time period for those who owe taxes to get right,” said DRS Commissioner Mark Boughton. “Those who don’t resolve their tax obligations by January 31 will be subject to penalties and paying full interest, and could also face criminal prosecution.”

The amnesty is the result of the state budget legislation from June, which also introduced an amnesty program for captive insurance programs. That will start on July 1, 2022, to cover periods before July 1, 2018, and also allow penalties to be abated.

amnesty, taxes, Revenue, Department of Revenue Services (DRS), Mark Boughton, Insurance, Reinsurance, North America

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