On the heels of North Carolina Gov. Beverly Perdue announcing a new income tax relief program, State Employees’ Credit Union is teaming up with state officials to spread the word about a new offering for SECU members – an Individual Income Tax Debt Payment Loan.
The $23 billion, Raleigh, N.C.-based SECU will offer qualifying members a 5% loan to repay unresolved balances, generating savings for these members and allowing them to take advantage of up to 35% in a penalty/fee waiver being offered by the state.
The N.C. Department of Revenue’s new program is being offered through April 30, when taxpayers will have an opportunity to repay past due taxes, with the DOR waiving unpaid penalties and collection fees.
While more than 185,000 North Carolina taxpayers have unresolved tax balances totaling nearly $800 million, the average unresolved obligation is approximately $4,600, with 105,000 taxpayers owing less than $2,000, the state said.
Under this new loan program, a SECU member who owes $2,000 in back taxes and interest can expect savings of approximately $700 via the waiver of penalties and fees on the taxes; one who owes $4,000 would save nearly $1,400 in penalties and fees on back taxes.
Terms of the SECU loan will, in most cases, allow for payments of $50 to $125 per month, the credit union said.
“This program will directly help our taxpaying citizens who have faced financial challenges during this economic downturn,” said Linda Millsaps, the DOR’s chief operating officer. “With partners like SECU supporting this effort, more people will be able to resolve their tax obligations and have a fresh start in 2012.”