- 2014 Louisiana Tax Amnesty Adds $142 Million to the State’s Pot
- March 2, 2015 | Author: Justin B. Stone
- Law Firm: Jones Walker LLP - New Orleans Office
- 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.
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.