HB 41 - Revenue Laws Technical and Clarifying Changes

• Clarifies tax audit provisions to apply only to taxable years beginning before January 1, 2015, and modifies liability protections for retailers regarding short-term rental properties for June 1-30, 2014.

• Extends Utilities Commission authority to adjust rates for electricity, natural gas, and water/wastewater services to reflect corporate income tax rate reductions and adds requirement for interest on customer refunds.

• Adds vapor products to the manufacturer's tobacco tax relief option and modifies definitions of "retailer" and "transferor" for income tax purposes.

• Expands sales tax exemptions for piped natural gas in manufacturing, farming, laundry operations, and small power production facilities; clarifies prepaid meal plan reporting and accrual basis accounting requirements.

• Prohibits cities and counties from imposing license taxes on piped natural gas, telecommunications, video programming, and electricity providers; allows qualified airline employees extended time to claim federal tax refund rollover benefits (deadline October 15, 2015).