HB467 Alabama 2015 Session

This bill would add Article 7 to Chapter 29 of Title 40, to the Code of Alabama 1975, to provide for reportable tax avoidance transactions

This bill would provide definitions; taxpayer responsibility for disclosure of reportable tax avoidance transactions; time and manner of disclosure; imposition and amount of penalties, assessment date, and waiver; penalties related to understatement of tax resulting from a reportable tax avoidance transaction, interest penalty, and waiver; extension of statute of limitations for assessments; material advisor responsibility for disclosure; penalty for failure to disclose a reportable tax avoidance transaction or to maintain advisee list and waiver; penalty for tax shelters; and injunction of certain conduct related to reportable tax avoidance transactions and tax shelters

To add Article 7, relating to Reportable Tax Avoidance Transactions and Penalties, to Chapter 29 of Title 40 of the Code of Alabama 1975.