Kentucky House Bill 499 has been signed by Kentucky Governor Steve Beshear providing for “…a tax amnesty program to be conducted within the 2012-2013 fiscal year and provides additional tools to the Department of Revenue for the enhanced collection of delinquent tax liabilities.”*
The Kentucky tax amnesty program applies to taxable periods “…ending or transactions occurring after December 1, 2001, and prior to October 1, 2011.” The taxpayer will have one-half of the interest and all penalties and fees waived for all amnesty –eligible liabilities. However, the taxpayer must not only become current with their tax obligations, but remain current for three years following the date amnesty is granted.
*go to http://revenue.ky.gov/ and search on “tax amnesty” to find the bill. The bill opens in a Word document so we cannot provide a direct link.