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Surtax settlement finally reached

Surtax settlement finally reached

April 24th, 2012 in News

More than a year after lawsuits were filed over a 20-year-old mistake in Cole County's surtax that resulted in taxing entities being overpaid or underpaid, a settlement has been reached by the 11 parties involved.

Following a closed session Monday morning, the Cole County Commission signed the paperwork bringing the matter to an end. These agreements were signed by the entities involved and sent to the commission for its signature.

The surtax issue dates back 20 years and involves an error in the distribution of surtax revenues collected by Cole County. Although a total of $4.6 million was distributed incorrectly during the 20-year period before the error was found, officials contend a three-year statute of limitations applied.