Maine: 2009 Tax Receivables Reduction Initiative (AMNESTY)

Maine has enacted a version of tax amnesty entitled, the "2009 Tax Receivables Reduction Initiative." Now, just like all amnesty programs, this is one of those programs where you want to "look before you leap." Meaning, there are benefits to the program, but there is also a takeaway or "sacrifice" for participating.

Benefits of Participating in Program

Qualifying taxpayers will receive a waiver of 90% of penalties otherwise due on taxes assessed as of September 1, 2009.

SACRIFICE for Participating in Program

Participation in the program is conditioned upon agreeing to forgo or to withdraw any protest with regard to liabilities paid under the program.

In addition, the taxpayer may not claim a refund of money paid under the program.

How to Qualify for Program

1. Properly complete and file a 2009 tax initiative application
2. Pay all tax, interest and penalties

Time Frame for Filing

A 2009 tax initiative application may be filed from September 1, 2009 to November 30, 2009.

As always, it is wise to consider all of the facts of your particular situation before taking advantage of any state amnesty program. If you have any questions, please contact me at leveragesalt@earthlink.net.

To obtain a copy of HP 274, CLICK on the following link:

http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=353&PID=1456&snum=124

Ch. 213, (H.P. 274), Laws 2009, effective May 28, 2009