HB467 Alabama 2015 Session

Summary

Primary Sponsor

Rod Scott

Democrat

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

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.

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.

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Subjects

Taxation