A lot of major tax changes were made in KY's last legislative session. This article gives you the scoop on the tax amnesty program established in House Bill 8.
Kentucky’s last tax amnesty program took place about a decade ago, in 2012, and there was an amnesty program in 2002, also. More than 23,000 taxpayers participated in the 2002 program and the state netted about $40 million in new money after program expenses. The 2012 program was met with even greater enthusiasm. There were approximately 28,000 applicants and the net amount of tax collected was $53.4 million.
If the Department of Revenue is able to retain a service provider to run the program, Kentucky’s next tax amnesty program will be from October 1, 2022 through November 29, 2022. The program applies to tax liabilities for tax periods ending or transactions occurring on or after October 1, 2011 and prior to December 1, 2021. All taxes, penalties, fees, and interest administered by the Department of Revenue, except property taxes, are covered by the program. If there is no one to run the program in 2022, the Department is to administer the program in 2023. If taxpayers fail to participate and are later audited, increased penalties and interest will apply to any tax owed.
Stay tuned for more details.
