Taxes; installment agreements for payment.

Installment agreements for payment of taxes.Requires the Tax Commissioner to offer to enter into an installmentagreement with any individual taxpayer under which the taxpayer maysatisfy his entire tax liability over a payment term of up to fiveyears. The bill maintains the current law for corporate taxpayerswhereby the Tax Commissioner may enter into a written agreement withany taxpayer under which such taxpayer is allowed to satisfy hisentire tax liability in installment payments if the Tax Commissioner determines that such agreement will facilitate collection. The billalso removes the power under which the Tax Commissioner may alter,modify, or terminate an installment agreement if it is determinedthat the financial condition of the taxpayer has significantly changedor if the taxpayer fails to provide a financial condition updateupon request.