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AR HB1043
Bill
Status
4/14/2021
Primary Sponsor
Rick McClure
Click for details
AI Summary
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Establishes a 10-year statute of limitations for collecting ad valorem taxes and penalties on utilities and carriers certified to the Secretary of the Department of Finance and Administration.
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Taxes and penalties uncollected within the 10-year period from certification become uncollectible and must be waived by the secretary.
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Authorizes the secretary to waive or partially waive certified taxes when there is controversy over the amount owed, the taxpayer is insolvent, or the tax was discharged in bankruptcy or liquidation proceedings.
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Permits the secretary to waive or partially waive penalties assessed on certified taxes upon satisfactory explanation of payment failure, proof of mistake regarding law or facts, proof of insolvency, or proof of discharge in bankruptcy or liquidation proceedings.
Legislative Description
To Authorize The Waiver Of Certain Ad Valorem Taxes On Utilities And Carriers; And To Create A Statute Of Limitations On The Collection Of Certain Ad Valorem Taxes On Utilities And Carriers.
Last Action
Notification that HB1043 is now Act 719
4/14/2021