[1] NOTE: As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

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F I S C A L I M P A C T R E P O R T

SPONSOR:	Jennings		DATE TYPED:	01/27/02		HB
SHORT TITLE:		TRD Compromise on Delinquent Tax				SJR	10
					ANALYST:		Smith

REVENUE

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

($0.1)

Recurring

General Fund

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

LFC Files

No Response

Taxation and Revenue Department (TRD)

SUMMARY

Synopsis of Bill

The resolution proposes to allow the secretary of TRD to compromise the amount of penalty and interest owed by a taxpayer when there is sufficient doubt that the money is collectable. Rules and procedures would be established in statute after passage of the resolution.

Significant Issues

The Internal Revenue Service currently has similar authority.

FISCAL IMPLICATIONS

Minimal

SS/ar