HB 1042 Summary

• Amends section 237-30.5 to require persons collecting rent on behalf of real property owners to file annual reports with the Department of Taxation by January 31, including the owner's name, address, social security number, general excise tax number, and total rent collected by county.

• Amends section 237D-8.5 with similar requirements for persons collecting gross rental proceeds on behalf of transient accommodation operators, requiring reporting of the operator's name, address, social security number, transient accommodations tax registration number, and total gross rental proceeds by county.

• Requires persons collecting rent or rental proceeds to provide the property owner or operator with a copy of the information filed with the department and written notice explaining that tax reporting information has been filed.

• Imposes a penalty of $500 per month or fraction thereof for each owner or operator for which a person fails to provide required information, unless the failure is due to reasonable cause and not neglect.

• Provides that penalties under both sections shall not both apply to the same failure to comply.