SB 1047 Summary

• Establishes regulatory framework for tax preparers and facilitators effective October 1, 2018, requiring permits issued by the Commissioner of Revenue Services with $100 initial fee and $50 renewal fee every two years.

• Prohibits tax preparers and facilitators from imposing unauthorized fees on refund anticipation loans or checks, engaging in deceptive practices, requiring taxpayers to sign blank forms, or designating themselves as refund payees.

• Creates the mental health community investment account (effective July 1, 2017) allowing taxpayers to contribute refunds to support mental health services, residential care, job training, and educational programs in the state.

• Modifies various tax deadlines and filing requirements, including changing corporate tax return due dates from the first to the fifteenth day of the month following the federal return due date.

• Authorizes the Commissioner of Revenue Services to require automated sales tax collection and remittance through approved electronic payment processing companies.