Illinois tax amnesty collects more than $237M in back taxes
SPRINGFIELD, Ill. (AP) — The Illinois Department of Revenue collected more than $237 million in back taxes — about $65 million more than initially estimated — during a six-week tax amnesty period last fall, the agency said.
The revenue from more than 63,000 delinquent taxpayers exceeded the $175 million that Gov. J.B. Pritzker’s administration was expecting to help fund the state’s $40 billion budget. Revenue department officials said the final tally could end up being higher because they are still reviewing some payments.
The amnesty period ran from the Oct. 1 to Nov. 15 and allowed qualified taxpayers to avoid paying penalties and interest if they paid off outstanding state tax liability incurred between June 30, 2011, and July 1, 2018.
About 90% of the payments were related to unpaid individual and business income taxes and sales tax, the state agency said.
More than $60 million of the recovered funds will be allocated to local governments, with the city of Chicago getting $7.5 million.