HB 222

Abstract

Installment agreements for payment of taxes. Requires the Tax Commissioner to offer to enter into an installment agreement with any individual taxpayer under which the taxpayer may satisfy his entire tax liability over a payment term of up to five years. The bill maintains the current law for all other taxes whereby the Tax Commissioner may enter into a written agreement with any taxpayer under which such taxpayer is allowed to satisfy his entire tax liability in installment payments if the Tax Commissioner determines that such agreement will facilitate collection. The bill also removes the power under which the Tax Commissioner may alter, modify, or terminate an installment agreement if it is determined that the financial condition of the taxpayer has significantly changed or if the taxpayer fails to provide a financial condition update upon request.

Installment agreements for payment of taxes.Requires the Tax Commissioner to offer to enter into an installmentagreement with any individual taxpayer under which the taxpayer maysatisfy his entire tax liability over a payment term of up to fiveyears. The bill maintains the current law for corporate taxpayerswhereby the Tax Commissioner may enter into a written agreement withany taxpayer under which such taxpayer is allowed to satisfy hisentire tax liability in installment payments if the Tax Commissioner determines that such agreement will facilitate collection. The billalso removes the power under which the Tax Commissioner may alter,modify, or terminate an installment agreement if it is determinedthat the financial condition of the taxpayer has significantly changedor if the taxpayer fails to provide a financial condition updateupon request.