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The Maine Department of Revenue has authorized two “Tax Receivables Reduction Initiatives” to run from September 1, 2010 to November 30, 2010. Under the “Short-Term Initiative”, qualified participants will be entitled to a waiver of 95% of penalties on all tax liabilities (including interest and penalties) assessed as of December 31, 2009. Under the “Five-Year Initiative”, qualified participants will be entitled to a waiver of 95% of interest and penalties on all tax liabilities (including interest and penalties) assessed as of June 30, 2005.

In order to participate, the taxpayer must agree to: 1) forgo or withdraw a protest or an administrative or judicial proceeding with regard to liabilities paid under the initiatives, and 2) not to claim a refund of money paid under the initiatives.

To receive this tax amnesty, taxpayers must do the following:

• File a 2010 tax initiatives application;
• Pay all tax, interest, and penalties;
• Not be currently charged with a violation of state law or be seeking relief on a debt resulting from a criminal conviction;
• Not be applying for relief on a tax liability in which the state of Maine has secured a warrant or civil judgment for.

If you have any questions regarding the Maine amnesty, please contact Yeonok Seo or Jannette Skelton at 978-262-0010, or by email yseo@dmainc.com and jskelton@dmainc.com.