In an effort to avoid cuts to local aid to Massachusetts cities and towns, Rep. Susan Williams Gifford (R-Wareham) joined House Minority Leader Bradley H. Jones, Jr. (R-North Reading) in filing legislation to offer a tax amnesty program for corporations seeking to recoup long overdue tax revenue.

If approved by the Legislature, a corporate tax amnesty program will yield an estimated $15 to $20 million to help offset the deficit, according to representatives.

The tax amnesty program will allow Limited Liability Corporations, S-Corporations, Financial Institutions, and others to settle long-outstanding tax liabilities without being assessed penalties.

The measure to recoup tax revenue from Massachusetts corporations comes on the heels of Gov. Patrick’s announcement that he will seek to reduce unrestricted local aid to cities and towns by $25.5 million.

"The program's success is well documented and we urge our colleagues to pass this legislation promptly," Gifford said.

Corporations will have a designated two-month window to take advantage of the program.

Under a similar proposal offered by House Minority Leader Brad Jones during debate on the Fiscal Year 2015 state budget, the Department of Revenue collected $57 million in outstanding tax liabilities owed by taxpayers across the Commonwealth – far exceeding initial estimates of $35 million.