AB 2676 Summary

• Authorizes eligible persons to make an irrevocable election to report qualified use tax on their income tax return for taxable years beginning on or after January 1, 2010, with the Franchise Tax Board transferring collected use taxes to the State Board of Equalization within 60 days.

• Imposes personal liability on officers, managers, partners, and responsible persons for unpaid sales and use taxes, interest, and penalties upon business termination, dissolution, abandonment, or during suspension of closely held corporations and limited liability companies.

• Extends similar personal liability provisions for unpaid taxes and fees under the Motor Vehicle Fuel Tax Law, Use Fuel Tax Law, Hazardous Substances Tax Law, Integrated Waste Management Fee Law, Oil Spill Response fees, and Diesel Fuel Tax Law.

• Allows the Employment Development Department to provide employer and employee information to the State Board of Equalization for tax and fee enforcement purposes, in addition to existing uses for child support and public assistance programs.

• Establishes a 3-year statute of limitations (or 6 years for gross understatements exceeding 25 percent) for deficiency determinations on qualified use tax reported through income tax returns.