Relating to tax compliance; appropriating money; prescribing an effective date.
Catchline/Summary:
Directs Department of Revenue to establish and promote voluntary compliance initiative for taxpayers who utilize abusive tax avoidance transactions to underreport personal income or corporate income or excise taxes. Directs Department of Revenue to establish and promote voluntary compliance initiative for taxpayers who utilize abusive tax avoidance transactions to underreport personal income or corporate income or excise taxes.
Establishes reporting and registration requirements and enhanced penalties for persons who use abusive tax avoidance transactions, or who serve as material advisors for certain transactions. Extends period for which notice of deficiency may be issued in cases in which returns reflect use of abusive tax avoidance transactions.
Directs Department of Revenue to establish general tax amnesty program of limited duration. Waives penalties for personal income taxpayers who pay outstanding taxes. Increases penalties on taxpayers who fail to fully participate. Sunsets amnesty program January 2, 2012.
Requires mandatory withholding of income tax from distributions from employer-sponsored retirement plans. Requires mandatory withholding of income tax when Oregon real property interests are sold by nonresidents. Applies to distributions and sales occurring on or after January 1, 2008.
Allows local governments that impose personal income tax that meets certain requirements to request that Department of Revenue provide collection services, including collection of tax on state income tax return forms.
Appropriates moneys from Local Income Tax Collections Fund to Department of Revenue for cost reimbursement and distribution to local governments.
Authorizes state agencies, boards and commissions that issue occupational or professional licenses to require licensees to demonstrate and maintain tax compliance as condition of issuance or renewal of license.
Authorizes Department of Revenue to adopt rules that require payers of certain types of payments identified by department to withhold income tax from payments.
Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 2747 House Committee On Revenue
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