HB467 Alabama 2015 Session

Sponsors

Session

Regular Session 2015

Title

Income tax, reportable transactions, taxpayer responsibility for disclosure, waivers, injunctive relief, penalties, Secs. 40-29-121 to 40-29-130, inclusive, added

Description

<p class="bill_description"> This bill would add Article 7 to Chapter 29 of Title 40, to the Code of Alabama 1975, to provide for reportable tax avoidance transactions</p><p class="bill_description"> This bill would provide definitions; taxpayer responsibility for disclosure of reportable tax avoidance transactions; time and manner of disclosure; imposition and amount of penalties, assessment date, and waiver; penalties related to understatement of tax resulting from a reportable tax avoidance transaction, interest penalty, and waiver; extension of statute of limitations for assessments; material advisor responsibility for disclosure; penalty for failure to disclose a reportable tax avoidance transaction or to maintain advisee list and waiver; penalty for tax shelters; and injunction of certain conduct related to reportable tax avoidance transactions and tax shelters</p><p class="bill_entitled_an_act"> To add Article 7, relating to Reportable Tax Avoidance Transactions and Penalties, to Chapter 29 of Title 40 of the Code of Alabama 1975. </p>

Subjects

Taxation