A bill for an act relating to the administration of the tax by the department of revenue by modifying provisions related to personal income, property, sales and use, motor fuel, and inheritance taxes, changing tax expenditure reviews, and including effective date and retroactive applicability provisions.
What changed between versions
Expanded authority for the Department of Revenue to disclose tax information to federal, state, and local law enforcement agencies when there is evidence of tax evasion, false filings, unpaid taxes, or criminal offenses.
Established new procedures for partnership and pass-through entity audits, requiring adjustments to be determined at the entity level and aligning state audit processes with federal partnership audit rules.
Revised property tax refund procedures to clarify timelines for claiming refunds and extended filing deadlines for claimants with documented sickness, absence, or disability.
Updated sales tax rules for building materials to clarify when tax applies to contractors and builders, including provisions for when materials are withdrawn from inventory for construction purposes.
Added retroactive applicability provisions, making certain tax administration changes effective as of January 1, 2024, rather than only upon enactment.
Modified farm tenancy income tax exclusion requirements to align holding period provisions with federal Internal Revenue Code standards.