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Senate Bill 67 would limit penalties when tax credits run out, adds beginning-farmer fix and filing-date alignment
Summary
Sen. Mike Henderson told the committee Senate Bill 67 would let taxpayers cure denied or partially funded tax credits within 60 days to avoid penalties and interest; the bill also contains a technical fix for beginning-farmer rules and a provision to align state filing deadlines with federal changes.
Senator Mike Henderson, sponsor of Senate Bill 67, told the Special Committee on Tax Reform that the bill is intended to protect taxpayers from penalties and interest when a tax credit is not fully funded. "This is not a tax credit," Henderson said. "It's a taxpayer protection against penalties and interest." The measure would require the Department of Revenue to issue a letter giving a taxpayer 60 days to pay back any tax liability created by a denied or partially funded tax credit; if the tax is paid within 60 days, penalties and interest would not be assessed.
The bill would…
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