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Article: An overview of California's 2003 tax shelter and abusive tax shelter legislation.
- Article from:
- Tax Executive
- Article date:
- January 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Tax Executives Institute, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the fall of 2003, the California Legislature passed, and Governor Gray Davis signed, Senate Bill 614 (1) and Assembly Bill 1601. (2) As characterized by the California Franchise Tax Board, "[n]ew California law authorizes the Franchise Tax Board to aggressively combat abusive tax shelters and transactions by adding substantial penalties, along with new registration and reporting requirements for both investors and promoters of abusive tax shelters." (3) This article summarizes the major provisions of the legislation, including the FTB's Voluntary Compliance Initiative, which is effective from January 1, 2004 through April 15, 2004. (4)
Background
On ...