FRANKFORT, Ky. - In hopes of reaping a financial windfall, Kentucky officials will allow people and businesses owing back taxes to pay up under an amnesty offer that begins on Oct. 1.
Finance Secretary Lori Flanery said Thursday the amnesty offer allows delinquent taxpayers to avoid penalties and interest on the amounts they owe. A similar offer a decade ago resulted in more than 23,000 taxpayers shelling out $40 million.
"This program will generate much-needed revenue for vital services in Kentucky at a time when dollars are hard to come by," Flanery said in a statement.
The offer expires Nov. 30.
Delinquent taxpayers will be getting notifications in the mail telling them the amounts they owe and how to take advantage of the amnesty offer. Those who ignore the offer will face more severe penalties.
Lawmakers authorized the amnesty offer earlier this year at the request of Gov. Steve Beshear, who expects it to reap $61 million for a cash-strapped state budget that's still feeling the pinch of economic recession.