Pennsylvania To Offer Back Tax Amnesty

Pennsylvania plans to launch a tax amnesty program on April 26.

During the 54-day amnesty period, all penalties and half the interest will be waived for businesses and individuals that pay off delinquent taxes accrued through June 2009.

The program is expected to generate a spike in tax collections and an additional $190 million to help offset spending in the fiscal year that began July 1.

Pennsylvania's latest amnesty program was developed during a political stalemate that held up passage of the state budget for four months.

A similar program last year in New Jersey raked in a record $725 million in six weeks.