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REFERENCE TITLE: internal revenue code conformity policy |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HB 2332 |
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Introduced by Representative Harper
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AN ACT
Amending title 43, chapter 2, article 1, Arizona Revised Statutes, by adding section 43-107; relating to income tax penalties and interest.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 43, chapter 2, article 1, Arizona Revised Statutes, is amended by adding section 43-107, to read:
43-107. Change in application of internal revenue code; waiver of penalty and interest; definition
A. Penalties and interest shall not be assessed or collected from a taxpayer if the following apply:
1. The taxpayer filed a return and paid the taxes due in a timely manner.
2. Section 43-105 was subsequently amended to subject additional items of the taxpayer's income to taxation for the taxable year.
3. With the next year's timely return, the taxpayer reports the additional items of income and pays the additional tax in the manner prescribed by the department.
B. For the purposes of this section, "timely" means a filing made according to legally established due dates, including available extensions.