SB 1976 Summary

• Establishes 10-year expiration period for unemployment compensation tax liens, compared to 20 years for other tax liens, and requires liens to be filed with notice of lien before enforcement action.

• Defines "short sale" transactions and clarifies that unpaid indebtedness forgiven by mortgagees is not taxable consideration for property transfer tax purposes.

• Expands Department of Revenue's tax collection enforcement authority by authorizing data-sharing agreements with financial institutions to obtain taxpayer account information, publication of delinquent taxpayer lists, and revocation of business licenses and registrations for outstanding tax warrants.

• Creates liability for business transferees who acquire more than 50 percent of a business or stock of goods, making transferees jointly and severally liable for transferor's unpaid taxes unless proper documentation of tax clearance is obtained.

• Increases penalties for unemployment compensation reporting violations from $10 to $50 per report plus $1 per employee, and authorizes waiver if corrected reports are filed within 30 days.