: News
By Natalie Neumann
Virginia collected about $103 million in back taxes during the state's recent tax amnesty program, more than double the expected amount.
During the two-month "Get Square" program that began in October, individuals and businesses owing back taxes were able to waive half the interest they owed and all penalties. Those who didn't pay during the amnesty period though face an additional 20 percent penalty.
Governor Tim Kaine says the amount collected was more than twice the initial projection of $41 million. The revenue will support education, public safety, and health safety net programs.
The General Assembly authorized the program to help bring those with outstanding tax liabilities forward so late taxes could be collected. The state collected about $98 million during the last tax amnesty program in 2003.
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