Connecticut Tax Amnesty: New law establishes "settlement initiative program" than runs from October 1, 2009 through December 31, 2009

H.B. 6802 , effective 9/8/09 (i.e., five days from general assembly passage w/o governor's signature). Effective immediately, new law establishes a "settlement initiative program" for eligible taxpayers with respect to most taxes administered by the department when the full amount of tax has not been paid for any taxable period for which

i) interest or a penalty was imposed for the late payment of tax,
ii) interest or a penalty was imposed upon examination of a tax return by the department for underreporting tax, or
iii) interest to, or an addition to, tax was made where a person failed to file a tax return and the commissioner made a return on behalf of such person.

The program will run from October 1, 2009 through December 31, 2009. Benefits of participation include a waiver of all civil penalties and one-half of the interest due. Participants must agree to a waiver of all applicable administrative and judicial rights of appeal.