The Illinois secretary of state's office has collected more than $4 million in corporate franchise taxes that were in past due status.
And more than 500 corporations have participated in the six-weeklong amnesty program, which the General Assembly established from Feb. 1 through today.
"This is money that the state of Illinois can really use at this time," Secretary of State Jesse White said. "My office worked hard with the business industry to successfully promote and administer this amnesty program, and I am pleased with the results."
Under the terms of the amnesty program, all accrued penalty and interest fees are forgiven upon payment of past due franchise taxes, license fees and standard filing fees. Those corporations owing past franchise taxes or fees that fail to comply with the amnesty program by today will see the monthly interest rate charged on their delinquent franchise taxes double from 1 percent to 2 percent.
For more information visit www.CyberDriveIllinois.com or call (312) 793-3380.
