HB 103: Transfer of Tax Liability
GENERAL BILL by Wood
Transfer of Tax Liability; Revises provisions relating to tax liability when person transfers or quits business; provides transfer of assets of business or stock of goods of business is considered transfer of business; requires DOR to notify business before circuit court temporarily enjoins business activity; provides liability for certain taxes unless specified conditions are met; requires department to conduct certain audits; requires DOR to notify transferee before circuit court enjoins business activity; specifies that transferor & transferee of assets of business are jointly & severally liable up to maximum amount; specifies maximum liability of transferee; provides methods for calculating fair market value or total purchase price of specified business transfers to determine maximum tax liability of transferees; excludes transferees from tax liability when transfer consists only of specified assets; authorizes DOR to provide tax information to transferee against whom tax liability is being asserted; repeals provisions relating to tax liability & criminal liability of dealers of communications services who make certain transfers related to communications services business; repeals provisions relating to dealer's tax liability & criminal liability for sales tax when business transferred.
Last Action: 4/7/2012 - Chapter No. 2012-55
Location: Became Law
Bill Text: PDF
• Referred to Civil Justice Subcommittee; Economic Affairs Committee; Finance and Tax Committee -HJ 14
• On Committee agenda-- Civil Justice Subcommittee, 10/18/11, 1:30 pm, 404 HOB
• Favorable by Civil Justice Subcommittee; YEAS 14 NAYS 0 -HJ 171
• Now in Economic Affairs Committee -HJ 171
• On Committee agenda-- Economic Affairs Committee, 11/15/11, 4:00 pm, Reed Hall
• Favorable by Economic Affairs Committee; YEAS 18 NAYS 0 -HJ 172
• Now in Finance and Tax Committee -HJ 172
• On Committee agenda-- Finance and Tax Committee, 12/06/11, 11:00 am, Morris Hall
• Favorable by- Finance and Tax Committee; YEAS 22 NAYS 0 -HJ 175
• Placed on Calendar -HJ 175
• Introduced -HJ 14
• Placed on Special Order Calendar, 02/02/12
• Read 2nd time -HJ 327
• Placed on 3rd reading
• Read 3rd time -HJ 469
• Passed; YEAS 115 NAYS 0 -HJ 469
• In Messages
• Referred to Community Affairs; Commerce and Tourism; Budget Subcommittee on Finance and Tax; Budget -SJ 812
• Received -SJ 812
• Withdrawn from Community Affairs; Commerce and Tourism; Budget Subcommittee on Finance and Tax; Budget -SJ 876
• Placed on Calendar, on 2nd reading -SJ 876
• Substituted for SB 170 -SJ 876
• Read 2nd time -SJ 876
• Placed on 3rd reading
• Read 3rd time -SJ 908
• Passed; YEAS 36 NAYS 1 -SJ 909
• Ordered enrolled -HJ 1178
• Signed by Officers and presented to Governor
• Approved by Governor
• Chapter No. 2012-55
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