Final Deadline for Tax Amnesty - Midnight on May 31
The Franchise Tax Board (FTB) is mailing nearly 125,000 letters to taxpayers who applied for tax amnesty to remind them of the May 31 deadline to file past-due tax returns, and to either pay the amount they owe or enter into an installment plan, which extends the payment deadline until June 30, 2006.
"California's first successful tax amnesty program in 20 years was smart government at the right time," said State Controller and Chair of the FTB Steve Westly. "We're helping taxpayers who took advantage of the amnesty program stay on top of the deadlines."
Tax amnesty allowed individuals and businesses that owe income, franchise, sales, or use taxes for years 2002 and earlier to file past-due returns and disclose unreported income or overstated deductions in order to avoid penalties. Tax amnesty legislation contained in the state budget came out of an earlier bill introduced by Assemblymember Judy Chu (D-Monterey Park) and co-sponsored by Westly and Board of Equalization Chair John Chiang.
As of May 5, the FTB has received more than 171,000 applications and has deposited more than $188 million into the state's general fund with an additional $637 million in promised payments.
For additional information, taxpayers can visit the FTB's Website at www.ftb.ca.gov. Also available on the Website is a link to the amnesty installment agreement. For those without computer access, individual taxpayers may call the FTB at (800) 852-5711. Corporations may call (916) 845-7033 and partnerships may call (916) 845-7165.