Bill > H2647

This bill provides a limited tax amnesty for individuals or businesses that have not reported or have underreported income earned from seasonal rentals of properties, such as apartments, houses, cottages, condominiums, bed and breakfasts, and time-share units, prior to the bill's effective date. A "seasonal rental" is defined as a rental for 90 consecutive days or less, regardless of the occupant's status as a lessee, tenant, guest, or licensee. To qualify for this amnesty, taxpayers must report this previously unreported or underreported income starting with their first tax reporting period after the bill becomes law, and this must occur in conjunction with either a local measure extending room occupancy taxes to seasonal rentals or a specific legislative act filed during the 2015-2016 session. The act will become effective immediately upon its passage.