Repeals luxury aircraft tax and modifies trust fund tax collection procedures.
This bill repeals the luxury aircraft tax and modifies procedures for collecting unpaid trust fund taxes from limited liability business entities. It allows the Department of Revenue to pursue collection against responsible individuals if the entity is terminated, dissolved, abandoned, or insolvent. It also defines terms such as "chief executive officer," "chief financial officer," and "responsible individual." The changes take effect immediately.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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