SPRINGFIELD – A tax amnesty program created in last year’s state budget has brought in nearly $240 million to the state, approximately $60 million more than was expected.
On Tuesday, the Illinois Department of Revenue announced in a press release over $60 million of the funding collected through the program will go to local governments.
Governor J.B. Pritzker proposed the program, and the Office of Management and Budget estimated it would recover $175 million in outstanding tax liabilities. The program ended in mid-November, but the department expects to verify tens of millions more towards unpaid tax liabilities.
As of January 31, IDOR has verified $237,090,718.07 in amnesty payments from 63,006 taxpayers.
The program allowed eligible Illinois taxpayers, who incurred tax liabilities between July 1, 2011 to June 30, 2018, a one-time tax amnesty. Taxpayers could pay their liabilities in full with all penalties and interest waived.
Liabilities related to business income, sales, and individual income taxes accounted for over 90 percent of payments received through the program.
The IDOR will continue to process payments over the next several months to ensure all the payments comply with the provisions of the program.