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Senator Kemp Hannon Announces New Limited Time Tax Savings for 2010

Don’t miss out on your opportunity to grab up to 80 percent of the penalty and interest on your New York State Tax debts this new year. Senator Kemp Hannon (6th Senate District) is alerting taxpayers of a simple way to receive a significant tax savings.

The 2010 Penalty and Interest Discount Program or “PAID” is an important program that provides a brief opportunity for New York taxpayers to clear up delinquent tax bills while taking advantage of substantial reductions in the penalties and interest that have accrued over time.

“During these tough economic times, every little bit helps,” said Senator Hannon. “As hardworking Long Islanders continue to do more with less, I encourage all taxpayers to take advantage of the tax savings programs that are available to them,” continued Hannon.

Penalty and interest accrued on unpaid tax bills that were issued on or before December 31, 2003, will be reduced 80 percent. Penalty and interest on unpaid tax bills that were issued after December 31, 2003, but before December 31, 2006, will be reduced by 50 percent.

The program will start on January 15, 2010. In order to realize any savings, eligible taxpayers must make all payments by the program’s expiration date, March 15, 2010. Bills issued after December 31, 2006, are not eligible for this program, nor are any unassessed liabilities or bills that may result from matters currently under audit.

The New York State Department of Taxation and Finance will be mailing letters to taxpayers who qualify for the PAID discounts, inviting them to participate in the program. However, to be absolutely certain that you do not miss out on your savings, Senator Hannon encourages everyone to visit www.nystax.gov after January 15 or call (518) 457-1726 or (888) 272-9697 for more information and instructions regarding the PAID program.

For important information about New York State and to sign-up for e-mail updates on timely issues, visit Senator Hannon’s website at www.kemphannon.com.