SB5141 amends the Internal Revenue Code to enhance notice and review procedures for multi-year bans on claiming tax credits.

SB5141 amends the Internal Revenue Code to improve the notice and review procedure for multi-year bans on claiming tax credits. The bill modifies the notice requirements for disallowance periods, ensuring taxpayers receive detailed information about denied credits. It also grants the Tax Court jurisdiction to review disallowance periods and allows for refunds or credits if the disallowance period is deemed improperly imposed. The changes apply to notices and court proceedings beginning 36 months after the bill's enactment.

SB5141 amends the Internal Revenue Code to enhance notice and review procedures for multi-year bans on claiming tax credits.

SB5141 amends the Internal Revenue Code to improve the notice and review procedure for multi-year bans on claiming tax credits. The bill modifies the notice requirements for disallowance periods, ensuring taxpayers receive detailed information about denied credits. It also grants the Tax Court jurisdiction to review disallowance periods and allows for refunds or credits if the disallowance period is deemed improperly imposed. The changes apply to notices and court proceedings beginning 36 months after the bill's enactment.