News
Tax amnesty proposal moves forward in Colo. House
Posted: May 10, 2011 3:03 PM by Gene Cotton
DENVER (AP) - House lawmakers moved forward with a proposal allowing Coloradoans with overdue taxes to pay what they owe without facing fees, fines or interest.
The House approved the bill on a voice vote Tuesday, setting up a final vote for approval on Wednesday. The measure would set up a "tax amnesty" period of two months this fall for taxpayers with overdue taxes.
The Legislature's fiscal analysts estimate the tax amnesty could bring in about $12.6 million. A small portion of that would go to pay for the implementation of the program. The rest would go to the state's education fund, which is a savings account for Colorado schools funded by income taxes.
Such tax amnesties are common during tough economic times.
Colorado last implemented one in 2003.
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