Rhode Island Tax Amnesty

Taxpayers can take advantage of a new state tax amnesty program. The tiny state of Rhode Island is offering big savings for people and business who file all their back taxes and pay off their tax debts. The biggest incentive: the state will not prosecute taxpayers for civil or criminal tax evasion. An added bonus, the state is offering a flat 12% interest rate on the unpaid taxes. For taxpayers who don't take advantage of the amnesty, the interest rate will jump to 18%, and they could face a $10,000 penalty. According to the Providence Journal, the state has collected over $1 million so far. The amnesty program ends on September 30, 2006.