Tax amnesty.

(1) Existing law imposes specified taxes, including personal income and corporate taxes collected and administered by the Franchise Tax Board. This bill would require the Franchise Tax Board to administer a tax amnesty program during the period beginning February 1, 2009, and ending on March 27, 2009, inclusive, as provided. (2) Existing law imposes a penalty on a taxpayer subject to the Corporation Tax Law with a specified understatement of tax, as defined, in an amount equal to 20% of that understatement, except as specified. This bill would delete the provisions imposing that penalty.