(1) The department shall submit a report to the finance committees of the senate and house of representatives, or any successor committees, by January 31, 2010, and on or before every January 31 thereafter, its recommendation for the inclusion of any additional listed transactions for purposes of this subpart 2.
(2) The department shall consult with any interested parties prior to the submission of the report as specified in subsection (1) of this section.
Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 273, � 4, effective April 2.
39-22-655. Penalty for failure to disclose a reportable or listed transaction. (1) (a) Except as provided in paragraph (b) of this subsection (1), a taxpayer that fails to disclose a reportable transaction as required by section 39-22-653 shall be subject to a penalty of up to fifteen thousand dollars.
(b) A taxpayer that fails to disclose a listed transaction as required by section 39-22-653 shall be subject to a penalty of up to fifty thousand dollars.
(2) Any penalty imposed by this section shall be in addition to any other penalty imposed by articles 21 and 22 of this title.
(3) For purposes of this section, if two or more members of the same combined report or consolidated return participate in the same reportable or listed transaction, the penalty imposed by subsection (1) of this section shall only be imposed once on the combined report or consolidated return.
Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 273, � 4, effective April 2.
39-22-656. Material advisor - disclosure of reportable or listed transactions. (1) (a) A material advisor shall disclose any reportable or listed transaction to the department on a form provided by the department within six months of each transaction.
(b) The disclosure described in paragraph (a) of this subsection (1) shall include information identifying and describing the reportable or listed transaction and any potential tax benefits expected to result from the transaction, and the disclosure may include other information as required by the department by rules promulgated in accordance with section 39-21-112 (1).
(2) If a material advisor is required to file an income tax return disclosing a reportable transaction under section 6111 of the internal revenue code, the material advisor shall provide the department with a copy of the income tax return.
Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 274, � 4, effective April 2.