An Act Concerning The Information Required For Special Fuel Tax Returns.
Impact
If enacted, this bill is expected to have significant implications for businesses and individuals who file special fuel tax returns. By removing the requirement to report nontaxable sales, the bill could streamline tax compliance for many taxpayers. This improvement might not only lessen administrative burdens but also increase compliance rates among those who may have previously been deterred by complex reporting requirements associated with nontaxable transactions.
Summary
SB00702 aims to amend Title 12 of the general statutes, specifically targeting the requirements imposed by the Department of Revenue Services concerning special fuel tax returns. The primary objective of the bill is to prohibit the department from requiring taxpayers to report information related to nontaxable sales and uses when they file their special fuel tax returns. This change is anticipated to reduce the reporting burden on taxpayers who engage in such activities, potentially leading to simplified tax filing processes for these individuals and entities.
Contention
While the bill is primarily aimed at reducing requirements for taxpayers, there could be contention regarding the implications of allowing taxpayers to bypass reporting nontaxable sales. Proponents of the bill argue that it enhances taxpayer convenience and efficiency, yet opponents may raise concerns about the potential loss of valuable data that could be used by the state for revenue forecasting, auditing, and ensuring adherence to tax laws.
An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.