Agri News, MN
08-28-07
Iowa news and notes
Tuesday, August 28, 2007
Iowa Tax Amnesty available Sept. 4-Oct. 31
DES MOINES -- Anyone who wants to settle tax debts with the state of Iowa
should take advantage of a special incentive being offered during September and
October, says Brenda Schmitt with Iowa State University Extension.
The Iowa Tax Amnesty bill passed by the 2007 Legislature waives 100 percent of
penalties and one-half of interest accrued on unpaid taxes administered by the
Iowa Department of Revenue. It applies to all returns originally due on or before
Dec. 31, 2006.
Taxpayers who participate in this program will save money and have a chance to
clear up tax debts without legal action. The state benefits by collecting an
anticipated $54 million in two months.
Eligible taxpayers include those who did not file a required return, those who
made mistakes on a previously-filed return, and those that may have tax debt
with the department, including taxpayers who agreed to a payment plan before
the beginning of the Tax Amnesty period.