New York (Jan. 15, 2004) -- Tax amnesty programs around the country appear to be doing better than expected, with many states reaping millions from taxpayers who opt to settle old debt and save on interest and penalties under the programs.

New York City’s Finance Department has already collected $40 million from its tax amnesty program, far exceeding its initial target of $20 million before the Jan. 23 deadline. New York City finance commissioner Martha Stark called the program “a huge success.”

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