HB 5475 Summary - Minor and Technical Tax Revisions

• Tax Collection and Penalties: Updates section 12-35 to modernize tax collection procedures, including clarifying penalty calculations (10% or $50 minimum if not specified) and interest rates (1% monthly) on unpaid taxes, with improved warrant procedures for property seizure.

• Property Tax Assessment: Revises sections 12-40 through 12-54 to update personal property declaration requirements, assessment procedures, and notice provisions for nonresident taxpayers, including modernized references to electronic communications.

• Estate and Gift Tax Thresholds: Updates estate tax filing requirements to use the federal basic exclusion amount instead of a fixed dollar amount (previously $5.49 million), making state requirements dynamic with federal law changes.

• Miscellaneous Technical Changes: Makes numerous clarifying edits throughout tax code including pronoun updates (replacing "his/her" with "such"), correcting cross-references, and updating definitions for various tax programs (short-term rentals, petroleum products, alcoholic beverages, etc.).

• Effective Date: All changes take effect October 1, 2022, except Section 465 of PA 21-2 which takes effect July 1, 2023.