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AL HB536
Bill
Status
4/12/2016
Primary Sponsor
Steve Clouse
Click for details
AI Summary
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Amends Section 40-7-55 of the Alabama Code to require all business personal property tax returns to be subject to audit by an independent, third-party auditor contracted by the Alabama Department of Revenue, in addition to existing county-level audits.
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Independent third-party auditor compensation shall be negotiated between the auditor and the Alabama Department of Revenue, with any recovered funds allocated per Section 40-8-3.
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Maintains existing audit authority of county assessing officials or other applicable agencies over short-form business personal property tax returns, which apply to businesses with assets valued at $10,000 or less.
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Establishes 50 percent penalty on additional taxes owed for taxpayers who knowingly submit false or incorrect short-form returns.
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Becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Businesses, personal property, tax returns, audits, conducted by third party auditor contracted by Alabama Dept. of Revenue, Sec. 40-7-55 am'd.
Business and Commerce
Last Action
Read for the first time and referred to the House of Representatives committee on State Government
4/12/2016