HB2589--TAXCREDITS
SPONSOR: Shields
Thisbillamendsprovisionsofthe"ChampionforChildrenTax
Credit."
Currently,ifataxpayerisdeniedataxcreditbecauseofalack
ofavailablefunds,andthatdenialresultsinabalanceowedto
theState,thetaxpayerhas60daysfromthenoticeofdenialto
makepaymentarrangements. Ifthebalanceisnotpaidwithin60
daysfromthenotice,theremainingbalancewillbedueandpayable
inthesamemanneraspersonalincometax.
Thisbillstatesthatintheeventofafullorpartialdenialofa
taxcreditbecausethecumulativemaximumamountofcreditshas
alreadybeenredeemed,andthatdenialresultsinanincometax
balanceowedtotheState,thetaxpayerwillnotbeheldliablefor
anyadditionaltax,penalty,orinterestonthatincometax
balance,providedthatpaymentarrangementsaremadewithin60days
fromtheissuanceofthenoticeofthecreditdenial.
Thisbillrepealsthelanguagestatingthatifthebalanceisnot
paidwithin60daysfromthenotice,theremainingbalancewillbe
treatedaspersonalincometax.
Thisbillalsoamendsprovisionsofthe"DonatedFoodTaxCredit."
Currently,theDepartmentofRevenueestablishesproceduresto
ensurethattaxpayerscanclaimallpossibleportionsofthetax
credituptothecumulativeamountavailableforthefiscalyear.
Thisbillstatesthatintheeventofafullorpartialdenialofa
taxcreditbecausethecumulativemaximumamountofcreditshas
alreadybeenredeemed,andthatdenialresultsinanincometax
balanceowedtothestate,thetaxpayerwillnotbeheldliablefor
anyadditionaltax,penalty,orinterestonthatincometax
balance,providedthatpaymentarrangementsaremadewithin60days
fromtheissuanceofthenoticeofthecreditdenial.