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2007 SESSION

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HB 2920 Income tax, personal and corporate; statute of limitations for abuse tax avoidance transactions.

Introduced by: Stephen C. Shannon | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Abusive income tax avoidance transactions; statute of limitations.  Extends from three years to six years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that has been identified by the Tax Commissioner as such a transaction and that has been published by the Tax Commissioner.

SUMMARY AS PASSED HOUSE:

Abusive income tax avoidance transactions; statute of limitations.  Extends from three years to six years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that does not have a lawful basis for reducing income taxes owed to the Commonwealth and that was entered into for the purpose of creating tax benefits with no other meaningful or legitimate economic purpose.

SUMMARY AS INTRODUCED:

Abusive income tax avoidance transactions; statute of limitations.  Extends from three years to seven years the period in which the Department of Taxation may assess income tax for any tax return filed based in whole or in part on an abusive tax avoidance transaction. An "abusive tax avoidance transaction" means a transaction that does not have a lawful basis for reducing income taxes owed to the Commonwealth and that was entered into for the purpose of or has the effect of creating tax benefits with no other meaningful or legitimate economic purpose.