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March 03, 2011 06:39 PM UTC

2003 Tax Amnesty Redux

  • 3 Comments
  • by: droll

( – promoted by Colorado Pols)

Rep. Ferrandino and Other Place Steadman introduced a bill to grant a little tax amnesty. Come forward now and either pay half the interest with all of your fines, or pay all your fines and interest, but be able to make a payment plan.

Under this bill no civil or criminal charges would be brought.

If it passes the state could see $15m it’s owed.

The killer (literally) is the reporting mechanism:

The bill requires the department to prepare an annual tax expenditure report (report).  The report includes information for every state tax and federal income tax regarding each tax expenditure, which is

a tax provision that provides a gross or taxable income definition, deduction, exemption, credit, or rate for certain persons, types of income, transactions, or property that results in reduced tax revenue for the state. Among the information that will be included in the report is the decrease in revenue that results from the tax expenditure and the effect of the tax

expenditure on the distribution of the tax burden by various income and business classes

McNulty doesn’t like this kind of thing.

Comments

3 thoughts on “2003 Tax Amnesty Redux

  1. in addition to the one in your link, which is that DoR’s inefficiency is part of why they’re simply not tracking and collecting tax money from the folks who aren’t paying.  Is that right?

    1. Until taxpayers (businesses or people) are officially declared delinquent the state cannot force payment. This bill does nothing for currently delinquent payers.

      By my understanding, these types of programs circumvent the entire process to become delinquent, as opposed to waiting until the business closes or the department has to waive the fines because the person is completely bankrupt. Pay now and everyone’s happy.

      More information: http://bit.ly/goB37u

      I would think that the second DoR issue is their inability to take phone calls. There will be serious questions here, not the type that can be helped online. The intent of the bill and the program aside; what the hell are we going to do about the infrastructure to implement it?

  2. A DoR report on how much revenue is lost by each tax exemption and credit would be helpful.  However, I’ve already obtained such a report detailing the cost of things like the pension exclusion, tuition contribution deduction and the CO capital gains tax exclusion, by taxable income levels.  The conclusion was that tens of millions of exemptions are given to the wealthiest taxpayers each year.  This was provided to the Democratic caucus and yet no action was taken.  Sunshine is supposed to help build strong bones — a Democratic backbone is sorely needed.

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