The state Taxation and Revenue Department this morning announced that it's giving temporary tax amnesty to those who haven't paid.
"New Mexico Tax Relief is a win-win for all New Mexicans and for our state," Tax and Rev Secretary Rick Homans said in a statement. "It gives families and businesses that have fallen behind, perhaps as a result of the recession, a one-time opportunity to avoid penalties and interest on their tax obligations. And it gives New Mexico a better opportunity to collect much-needed revenues for essential services both at state and local levels."
It also gives the state much needed cash. You already know the budget mess we're in.
So here's the lowdown from the department:
"Starting today, the Department has begun accepting applications for the Tax Relief program that will conclude Sept. 30, 2010. The program does not provide tax forgiveness, but allows qualified individuals and businesses to disclose unreported, under-reported and un-assessed taxes that were due prior to 2010 without incurring penalties. Also, no interest will be applied as long as the tax liability is paid in full within 180 calendar days of assessment." Contact the department if you owe.
The move is expected to gin up nearly $7 million in new revenue -- of which $5.5 million will go into the state's general fund and $1.5 million to various local governments, according to the department.
No word on what the state will do if the idea doesn't bring in that much cash, or how exactly the money will be spent.
The state hasn't offered amnesty since 1999, when some 10,000 taxpayers fessed up about not paying.