Bill No.: HB0012                  Drafter:  MQ

 

LSO No.:  05LSO-0176              Effective Date:  7/1/2005

 

Enrolled Act No.:  HEA0002

 

Chapter No.:       4

 

Prime Sponsor:     Joint Revenue Interim Committee

 

Catch Title:       Mineral audit period.

 

Subject:  Provides audit periods for mineral taxation.

 

Summary/Major Elements:

 

·        Provides time periods for auditing of mineral production for taxation purposes.

 

·        Provides that a taxpayer may file an amended mineral tax return during an audit (while the taxpayer's records are being reviewed).  Amended returns filed during the conduct of the audit may be made available to the auditors by the taxpayer.

 

·        Requires a mineral tax audit to commence within 3 years and 6 months following the reporting date for property taxes on the mineral production.

 

·        Requires a mineral tax audit to be completed and final audit findings issued to the taxpayer within 2 years after the audit is commenced but not sooner than 1 year following the reporting date for property taxes on the mineral production.