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HI SB1516
Bill
AI Summary
- Reduces failure-to-file penalties from 5% initially to 3% for the first month, with maximum aggregate penalty of 30% instead of 25%
- Creates new penalty structure for underpayment due to reasonable cause at 0.5% per month (capped at 25%), separate from negligence and fraud penalties
- Increases fraud penalty for underpayment from 50% to 75% of the underpayment amount
- Allows taxpayers to post a refundable bond to avoid penalties and interest accrual from the posting date forward
- Establishes interest rates of 4% (if paid within 30 days) or 6% (if paid within 90 days) on deficiencies resulting from federal tax return changes or adjustments
- Effective date: July 1, 2050
Legislative Description
Relating To Taxation.
Taxation
Last Action
Referred to FIN, referral sheet 27
3/7/2019
Committee Referrals
Finance3/7/2019
Ways and Means1/28/2019
Full Bill Text
No bill text available