Authorizes the Secretary of the Department of Revenue to require electronic filing of returns and reports by professional athletic teams or professional athletes associated with administering the Sports Facility Assistance Fund. (8/15/10) (EN NO IMPACT GF EX See Note)
Impact
The bill's provisions are expected to impact tax law by ensuring that the tax filings from professional athletic teams are centralized and electronically processed. This change is anticipated to facilitate better management of resources related to the Sports Facility Assistance Fund and its associated revenues. The effective date for this alteration is set for taxable periods beginning on or after December 31, 2009, indicating a forward-looking approach to tax administration for these specific entities.
Summary
Senate Bill 525 aims to amend existing tax legislation in Louisiana by allowing the Secretary of the Department of Revenue to mandate electronic filing of returns and reports from professional athletic teams and athletes. This requirement is specifically tied to the administration of the Sports Facility Assistance Fund, which provides financial support and management for sports facilities within the state. By implementing electronic filing for these entities, the bill seeks to streamline the tax reporting process and improve efficiency and accountability within the revenue collection system.
Sentiment
The general sentiment surrounding SB 525 appears to be supportive, particularly from stakeholders involved in professional sports and athletic organizations, who likely see the benefits of a more organized and modern tax filing process. However, the mandate for electronic filing may raise some concerns among those who advocate for smaller organizations or entities that may struggle with the technological requirements of electronic filing systems. Overall, discussions may potentially highlight the balancing act between modernization and accessibility in tax compliance.
Contention
While the bill is primarily positioned as a measure to improve administrative efficiencies, there could be points of contention from individuals or groups who argue against mandated electronic filing, positing that such a requirement could disenfranchise smaller teams or individual athletes who may not have the necessary resources to comply. A discussion around the adequacy of support for these stakeholders in transitioning to electronic filing standards can be a significant point of debate.
Authorizes the secretary of the Dept. of Revenue to require the filing of electronic tax returns and the payment of taxes by electronic funds transfer (EN NO IMPACT See Note)
Authorizes the Secretary of the Department of Revenue to require electronic filing of certain returns when electronic filing of a similar return or report is required by the Internal Revenue Service. (gov sig) (EN SEE FISC NOTE GF EX See Note)
Authorizes the secretary of the Dept. of Revenue to require the electronic filing of tax returns or reports under certain circumstances (EG NO IMPACT GF EX See Note)
Authorizing the secretary of commerce to enter into agreements with major professional sports franchises to establish STAR bond projects for a major professional sports complex, providing for additional revenue sources, expanding the powers and discretion of the secretary and making other changes to the STAR bonds financing act to facilitate such projects, limiting the secretary’s authority to approve such projects to one year unless extended by the legislative coordinating council, authorizing the Kansas development finance authority to issue STAR bonds for such projects, transferring funds under certain circumstances from the state gaming revenues fund to the attracting professional sports to Kansas fund for the fiscal year ending June 30, 2025, and, if approved by the legislative coordinating council, for the fiscal year ending June 30, 2026.
Establishes reporting requirements to the Department of Revenue for businesses and governmental entities using service providers. (7/1/21) (EN NO IMPACT GF EX See Note)