Orange County Business Journal, January 24th, 2005
Heads up, tax scofflaws.
Next week, the state embarks on its first general tax amnesty in 20 years, allowing individuals and businesses to pay back taxes on unreported income without fear of state penalties or prosecution.
State officials have factored $500 million to $600 million in revenue from the amnesty into the current budget. Any shortfall would be carried over into the 2005-06 budget, which already faces an $8.1 billion deficit.
State Assemblywoman Judy Chu, D-Pasadena, who authored the amnesty law last year, said the projection only is a fraction of the estimated $6.5 billion that ...
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