HB 348 -- CORPORATE FRANCHISE TAX (Farmer)

This bill changes various procedures for the collection of the
state corporation franchise tax.

The changes are limiting claims for refunds to 3 years from the
date of payment (current law sets no limit); increasing the
minimum amount of assessment or refund processing from $1 to
$10; and allowing a taxpayer to, at any time, waive restrictions
on assessment and collection of all or part of any additions to
tax, interest, or penalty.

This bill will become effective January 1, 1998.

FISCAL NOTE:  No impact on state funds.

HB 348 -- CORPORATE FRANCHISE TAX

CO-SPONSORS:  Farmer, Van Zandt

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on  Ways and Means by a vote of 17 to 0.

This bill changes various procedures for the collection of the
state corporation franchise tax.

The changes are limiting claims for refunds to 3 years from the
date of payment (current law sets no limit); increasing the
minimum amount of assessment or refund processing from $1 to
$10; and allowing a taxpayer to, at any time, waive restrictions
on assessment and collection of all or part of any additions to
tax, interest, or penalty.

This bill will become effective January 1, 1998.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that this bill will clarify
provisions related to the collection and administration of the
corporate franchise tax.

Testifying for the bill were Representatives Farmer and Van
Zandt; and the Secretary of State.

OPPONENTS:  There was no opposition voiced to the committee.

Bill Tucker, Research Analyst

HB 348 -- Corporation Franchise Tax

Sponsor:  Farmer

This bill changes various procedures for the collection of the
state corporation franchise tax.

The changes are: limiting claims for refunds to 3 years from the
date of payment (current law sets no limit); increasing the
minimum amount of assessment or refund processing from $1 to
$10; and allowing a taxpayer to, at any time, waive restrictions
on assessment and collection of all or part of any additions to
tax, interest, or penalty.

This bill will become effective January 1, 1998.