To clarify a law establishing that a taxpayer has a right to rely on bulletins and private letter rulings from the Department of Treasury regarding tax law regulations and interpretations without penalty if the department later changes the ruling and retroactively seeks to levy a penalty. The bill would define “penalty” as making a taxpayer subject to tax, penalty or interest. Official Text and Analysis.
Referred to the House Tax Policy Committee on June 7, 2007
Reported in the House on July 25, 2007
Without amendment and with the recommendation that the bill pass.