SB357 Summary

• Allows the Alabama Department of Revenue to enter into voluntary agreements with financial institutions to develop and operate a financial institution data match (FIDM) program for identifying delinquent taxpayers.

• Financial institutions must provide quarterly identifying information on delinquent taxpayers who maintain accounts, including name, address, Social Security number, federal employer identification number, and other tax identification numbers.

• A "delinquent taxpayer" is defined as one with a final tax assessment that remains unpaid 10 days after a final notice and who is not making current installment payments under a department agreement.

• Financial institutions cannot be penalized for declining to participate in the program, and the department may pay reasonable fees not exceeding actual costs incurred for conducting data matches.

• Information exchanged is confidential and limited to department use for tax administration; financial institutions are protected from liability for complying with the program requirements, and the first data exchange cannot occur before January 1, 2020.