On April 24, 2008, Snipes was sentenced to three years in prison for willful failure to file federal income tax returns under 26 U.S.C. § 7203.
Snipes failed to pay approximately $70,000 in local property taxes, interest and penalties on a home in Alpine, New Jersey, owned by his company, Kymberlyte Production Services International, Inc. In December 2007, the taxing authority of the borough of Alpine, New Jersey sold the tax lien on the home to a third party. Snipes has two years to redeem the property or risk foreclosure. In 2005, Snipes defaulted on California property taxes, owing over $171,000 in property taxes in that state.] As of February 2008, a home owned by Snipes in Florida is subject to delinquent property taxes of over $15,000
###
Post new comment