TAX CHANGES
What changed between versions
The bill title was substantially expanded to reflect new provisions about attorney fees, interest accrual, rounding requirements, installment agreements, minimum penalties, and tribal cooperative agreements.
New tax suspense funds were created including a tax administration suspense fund, extraction taxes suspense fund, workers' compensation collections suspense fund, and income tax suspense fund for managing tax collections and disbursements.
New requirements were added for extending time to file tax returns, preventing interest accrual during extensions, and clarifying that taxpayers in installment agreements are not considered delinquent for license renewal purposes.
New provisions allow attorney fees to be paid from revenue distributions and clarify that a minimum civil penalty of five dollars does not apply for certain tax failures.
New provisions were added regarding tribal cooperative agreements and the authority of the Secretary of Taxation and Revenue to enter into such agreements with Indian nations, tribes, or pueblos.
Specific effective dates were required for various provisions, including an ordinance changing tax imposition by Indian nations, tribes, or pueblos.
