Tax Amnesty Nets State $82 Million More Than Expected
(Chicago Tribune) — Illinois got a holiday boost when its tax amnesty program brought in more money than anticipated, one of the few bright lights in a grim financial year for state government. The amnesty program brought in $547 million, with the state’s cut amounting to about $331.9 million. That’s about $82 million higher than the $250 million the Quinn administration estimated the state would reap from the amnesty, which allowed tax deadbeats to pay without penalties from Oct. 1 through Nov. 8. The state’s take is more than three times as much as the estimate from the legislative financial arm. The Commission on Forecasting and Accountability had calculated the amnesty program would bring only about $100 million to the state.