The Louisiana Tax Amnesty program for 2014 wrapped up on Friday, November 14, 2014. The goal for this year’s amnesty program was $100 million, but the Department is now projecting $169 million in amnesty collections. Of that, $142 million will go into the “Amnesty Fund” for the State and $27 million will be retained by the Department to cover Amnesty expenses and to provide self-generated funds to replace penalties and fees waived.
The Department gave a breakdown of the collections:
- Approximately $112 million relates to resolutions of audit and litigation cases, which generally are contested matters involving businesses, and
- Approximately $57 million relates to delinquent tax collections which generally involve individuals and small businesses.
This program, which was beefed up in the 2014 Legislative Session, to waive all assessed penalties (from 15%) and 50% of interest (from none), comes on the heels of the 2013 Louisiana Tax Amnesty program that collected over $435 million.
Did you miss out? Don’t worry. There is a 2015 Louisiana Tax Amnesty program that, under current law, waives 33% of assessed penalties and 17% of interest.