Creates the Personal Property Tax Amnesty Act of 2010, which authorizes a taxpayer, beginning August 1, 2010 through November 1, 2010, to file an amended tax return indicating taxable personal property upon which property tax was not levied or paid for certain tax periods and to pay the tax without interest. (gov sig) (OR SEE FISC NOTE LF RV)
Impact
The implementation of SB 697 could significantly alleviate past delinquencies for individuals and businesses by allowing them to settle unpaid taxes without the additional burden of interest. Moreover, it seeks to potentially increase state revenues as taxpayers may take advantage of the amnesty to comply with their tax obligations. On a broader scale, this act might encourage better tax compliance in the future by offering a pathway for taxpayers to address past debts.
Summary
Senate Bill 697, known as the Personal Property Tax Amnesty Act of 2010, was introduced to provide a limited-time opportunity for taxpayers to rectify unpaid personal property taxes. The bill allows taxpayers to file an amended tax return to indicate any taxable personal property on which property taxes were not levied or paid between January 1, 2000, and January 1, 2009. This amnesty period is set to run from August 1, 2010, to November 1, 2010. By doing so, taxpayers can pay the owed taxes without incurring interest, provided they waive any rights to appeal or protest the taxes assessed.
Sentiment
The sentiment surrounding SB 697 appears to lean towards supporting taxpayer relief, especially in light of tough economic conditions during the period. Advocates argue that it provides a necessary lifeline for those unable to pay past due taxes due to financial hardships. However, there may also be concerns from legislators regarding long-term fiscal implications and fairness for compliant taxpayers who do not receive similar amnesty.
Contention
Notable points of contention regarding SB 697 may include debates over its fairness, as critics might argue that it rewards tax delinquency while failing to address the underlying issues that lead to unpaid taxes. Some legislators may be concerned about the message it sends regarding personal responsibility and the enforcement of tax liabilities. Additionally, the finite period for the amnesty could lead to confusion among taxpayers about eligibility and compliance expectations.
Permits Congregation Kollel Tiferes Zvi to file an application for a real property tax exemption with respect to the tax years 2009-2010, 2010-2011, 2011-2012, 2012-2013, 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018, 2018-2019 and 2019-2020.
Authorizes the Louisiana Tax Commission to hear claims for the refund of ad valorem property taxes erroneously paid on public service properties (OR NO IMPACT See Note)
Requires the filing of an annual use tax return for the payment of use tax on taxable tangible personal property and services purchased from a remote seller (EG INCREASE GF RV See Note)
(Constitutional Amendment) Increases the level of assessed valuation of property at which the homestead exemption applies and authorizes the deferral of property taxes for certain property owners (OR INCREASE LF RV See Note)
An Act Concerning A Waiver Of Interest On Property Tax Payments For Certain Real And Personal Property And The Interest Rate For Certain Taxes And Assessments.
Provides for the homestead exemption, special assessment level, and other property tax exemptions for purposes of determining ad valorem taxation of certain property (Items #1 and 10) (OR SEE FISC NOTE LF RV See Note)