WASHINGTON, D.C. - A report released today by the Treasury Inspector General of Taxation Administration (TIGTA) reveals that most Troubled Asset Relief Program (TARP) recipients’ unpaid taxes have been resolved. Ways and Means Oversight Subcommittee Chairman John Lewis (D-GA) first examined this issue at a March 19, 2009, hearing where he revealed that, out of the top 23 TARP recipients, 13 of them owed more than $220 million in unpaid Federal taxes. At the hearing, Lewis called for a comprehensive audit of the institutions.
“I thank TIGTA for examining this issue," said Rep. John Lewis (D-GA), Chairman of the Ways and Means Oversight Subcommittee. “It is important for taxpayers to know that the Congress and the Administration are working together to oversee the TARP recipients. To maintain public confidence, we must ensure that those who benefit from federal programs timely pay their fair share of taxes."
To receive TARP money from the Department of Treasury, institutions were required to sign a contract stating that they had no material unpaid Federal taxes. However, TIGTA’s report reveals that 130 of the 558 TARP recipients had unpaid taxes, totaling $530 million, at the time they signed the agreements. Approximately 97 percent of the $530 million unpaid taxes were paid by December 2009.
