The state was able to collect between $175 million and $180 million through one of the “broadest and most targeted” tax amnesty programs in state history, Revenue Services Commissioner Kevin Sullivan said Monday.
The payments — some of which has yet to clear — came from more than 10,000 Connecticut taxpayers. The state had only expected to collect about $35 million.
“It has also been the most successful tax amnesty program,” Sullivan said.
One of the biggest payments received was in excess of $21 million from a corporation. The oldest payment was for taxes levied in 1988.
There were 665 corporations that paid a total of $91.3 million, or 52 percent, of the total. Another 2,633 delinquent sales and use tax payers remitted $55.5 million, or 32 percent, of the total. Also, about 5,172 personal income tax payers accounted for $21.4 million, or 12 percent, of the total. Payments on a number of other taxes accounted for about $6.8 million of the collections.
The program, which ran from Sept. 16 to Nov. 15, allowed individuals and businesses who owed back taxes to receive a 75-percent reduction in the interest owed as part of the program.
But the amount of money collected exceeded expectations.
“What does this result tell us? It tells us how much we underestimated the number of people and businesses that got in trouble during the recession,” Sullivan said.
The additional money collected under the program will be deposited in the Rainy Day fund.