Stephen Baldwin Arrested on Tax Charges

12/6/2012 11:50 AM PST

Stephen Baldwin -- Arrested on Tax Charges

Breaking News

Stephen Baldwin was just arrested in New York for repeated failure to file personal income tax returns ... a felony.

According to the Rockland County District Attorney, Baldwin has failed to file returns for the years 2008, 2009, and 2010 -- and owes NY state more than $350,000 in back taxes.

The D.A. said, "At a time when Rockland County and New York State face severe fiscal shortfalls, we cannot afford to allow wealthy residents to break the law by cheating on their taxes."

He added, “The defendant’s repetitive failure to file returns and pay taxes over a period of several years contributes to the sweeping cutbacks and closures in local government and in our schools.”

If convicted, the "Usual Suspects" actor could face up to 4 years in prison. He's due back in court in February.

You may recall, Baldwin's had significant money problems in the past -- he filed for bankruptcy in 2009.