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Bill > SB1415
OK SB1415
OK SB1415Tax procedure; creating the First Time Abatement Program; authorizing waiver of penalty and interest due on tax returns for eligible taxpayers; specifying eligibility; limiting waiver amount. Effective date.
summary
Introduced
02/05/2024
02/05/2024
In Committee
04/18/2024
04/18/2024
Crossed Over
03/12/2024
03/12/2024
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to tax procedure; establishing the First Time Abatement Program; authorizing the abatement of interest and penalty for certain individual income taxpayers; requiring taxpayer to file returns and pay tax liability pursuant to certain agreement; prohibiting collection of interest and penalties upon payment; requiring the release of certain liens upon payment; specifying eligibility; limiting waiver amount; requiring certain notification; providing for codification; and providing an effective date.
AI Summary
This bill establishes the First Time Abatement Program, which allows the Oklahoma Tax Commission to waive penalties and interest for individual income taxpayers who voluntarily file delinquent tax returns and pay the taxes owed, as long as they meet certain eligibility requirements, such as not having failed to file returns in the previous five years or previously received a waiver. The bill limits the waiver amount to $10,000 per taxpayer and requires the Tax Commission to notify taxpayers of the program when notifying them of delinquencies. The bill will become effective on November 1, 2024.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
CR; Do Pass Appropriations and Budget Committee (on 04/18/2024)
Official Document
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