It's Your Money

May 14, 2011 11:00 PM by John Romero

Tax amnesty bill likely to be signed

DENVER (AP) - People and businesses behind on their taxes could get a chance this fall to make things right without facing penalties.

A bill awaiting likely approval by Gov. John Hickenlooper would create a tax amnesty from Oct. 1 to Nov. 15 to let taxpayers settle amounts they owe without fines. Those who pay in full without entering payment plans would avoid interest due.

Lawmakers say the amnesty could bring in about $10 million to Colorado's education budget. Tax amnesties are used around the country during tough budget years. Colorado last had a tax amnesty in 2003.

Lawmakers supporting the amnesty say the money will bring much needed relief to the state's education funding. It's an area of the budget that has seen drastic cuts in recent years.

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