The final numbers are in for a program which allowed Delawareans to pay back taxes without penalties. And state officials are happy.
The final numbers are in for a program which allowed Delawareans to pay back taxes without penalties.
And state officials are happy.
“Today this is Delaware winning the World Series,” said acting state Finance Director Tom Cook.
The one-time tax amnesty, which ended at midnight, October 30, raised $22 million, Gov. Jack Markell announced Thursday in Newark.
“This program has been a success,” Markell said.
The state far exceeded the goal of salvaging $10 million in revenue that otherwise might have been lost.
“When Delaware looked at this program we looked at what other states had done and we put forth a goal that we thought was achievable,” Cook said. “And we passed it.”
More than 14,000 individuals and businesses took advantage of the two-month window to register for an amnesty program that hasn’t been offered in the First State in at least 25 years.
Gov. Markell says the result is much-needed cash for Delaware.
“In this economic environment we’ve focused on generating the revenues that we need to pay for really important services like paying our teachers, protecting our environment and keeping police on the street,” Markell said.
Maryland, a much larger state than Delaware, concluded a similar program but raised only $10 million.
“I think we had a very organized and controlled program that worked,” Cook said.