CARSON CITY — The state Tax Commission on Monday extended for nearly one month a tax amnesty program that has so far generated more than $27 million to the state, far beyond initial expectations.
The extension was approved at the request of Gov. Jim Gibbons and will now run through Oct. 28.
During a special session of the Legislature in June, lawmakers allocated $4 million from the amnesty program to help balance the budget. Those amnesty payments have now exceeded $27.3 million.
“This program has far surpassed any expectations we had for it,” Gibbons said. “With this strong show of willingness by taxpayers to come forward, I asked the Nevada Tax Commission to extend the emergency regulations to the full 120 days available by law. This will allow additional businesses to come forward and take advantage of this great opportunity.”
Gibbons proposed the program in May and it took effect July 1, giving businesses with outstanding sales and use taxes, business license fees and modified business taxes the opportunity to pay their obligation without penalties or interest. The program also enticed non-licensed businesses to register with the state and pay back taxes.
“Each dollar this program brings in is a dollar that stays in education, health care and other critical public services,” he said.
A similar program in 2002 netted $7.3 million, $2.8 million was collected in 1993.