Relating to the use of information obtained by a person from the comptroller that relates to a taxpayer subject to an audit by the comptroller.
The introduction of SB687 is intended to enhance taxpayer privacy and ensure that sensitive financial information cannot be exploited by individuals for commercial advantage. By restricting the use of this information, the bill provides a safeguard that could foster greater trust in the auditing process conducted by the comptroller. The law will only apply to information obtained after its effective date, September 1, 2019, ensuring that past records are unaffected by the new rules.
Senate Bill 687 aims to regulate the use of information obtained from the Texas comptroller relating to taxpayers who are subject to an audit. The bill specifically amends Section 111.0075 of the Tax Code, introducing a restriction that prohibits individuals who obtain such information from using it for direct solicitation of business or employment for financial gain within the first 30 days after the information has been made available by the comptroller. This change is significant as it protects taxpayer information from being leveraged unethically by third parties shortly after it is obtained.
Overall, the sentiment surrounding SB687 is largely positive among supporters. Advocates argue that it is a necessary step towards strengthening protections against misuse of taxpayer data. However, there may be concerns about the implications for transparency in business practices. Critics might argue that such restrictions could limit access to information that is otherwise available and beneficial in some contexts, even if it aims to protect individuals' privacy.
While the bill is primarily focused on safeguarding information, there may be differences in opinion regarding how these restrictions should be implemented. Some stakeholders may feel that the waiting period of 30 days is too long or too short, affecting how businesses plan their strategies around the use of available information. Additionally, discussions might arise regarding potential loopholes or the enforcement of these new regulations, raising questions about effectively monitoring compliance among those who have access to taxpayer data.