91st General Assembly
Summary of SB1348
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Senate Sponsors:

Short description: 
PENALTY & INTRST ACT-PENALTIES                                             

Synopsis of Bill as introduced:
        Amends the Uniform  Penalty  and  Interest  Act.   Provides  that      
   interest  shall accrue  upon  tax due (now, upon tax and penalty due).      
   Provides that for failure to file a tax return on or  before  the  due      
   date, a penalty shall be imposed equal to 2% of the tax required to be      
   shown due on a return, up to a maximum amount of $250, reduced by any       
   (rather than determined without regard to any part of the) tax that is      
   paid on time or by any credit that was properly allowable on the date       
   the return was required to be filed. Imposes a penalty of 10% of the        
   tax due in the situation of late payment or nonpayment of admitted          
   liability and a penalty of 20% of the tax due in a situation of late        
   payment of nonpayment of additional liability (now, 20% in both             
   situations). Provides that a tax may not be assessed more than 6 years      
   after the original due date of each return required to have been            
   filed, except in the case of a willful failure to file (now, may be         
   assessed at any time unless the taxpayer shows reasonable cause for         
   failure, in which case it is not more than 6 years after the original       
   due date). Removes provision exempting the Department of Revenue from       
   the application of the 6-year limitation on assessment if the               
   Department notifies a person that a return is required within that          
   6-year period.                                                              
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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