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New York State Announces New Tax Amnesty Program, PAID

The governor recently signed legislation authorizing the PAID (Penalty and Interest Discount) program. PAID gives taxpayers with older unpaid bills the chance to save up to 80% of the penalty and interest they owe. Bills less than three years old are not eligible under this program.

The program will start January 15, 2010. To take advantage of the program’s savings, eligible taxpayers must make all payments by the program’s expiration date, March 15, 2010. If they don’t pay in full by that date:

• The opportunity for these savings will be lost forever.
• Any unpaid tax debts will continue to accrue interest at the full statutory rate.

Why PAID is good for you

You can save:

• 80% of accrued penalty and interest on unpaid bills issued on or before December 31, 2003.
• 50% of accrued penalty and interest on unpaid bills issued after December 31, 2003 and on or before December 31, 2006.
• Unpaid tax bills are bad for your credit rating and can lead to liens and other enforcement actions.
• We’re increasing our efforts to collect unpaid bills. If you act now and pay what you owe, you can take advantage of the savings and avoid collection actions.

In January 2010, we’ll mail letters to taxpayers who qualify for the PAID discounts, inviting them to participate in the program.

As of January 15, 2010 you’ll be able to use this site to participate in the program, including checking to see if you have eligible bills.

This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use.

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