Unitary Tax Repealer Act

Summary

Unitary Tax Repealer Act - Prohibits any State from imposing corporate income taxes on a worldwide unitary basis, unless: (1) the taxpayer fails to comply with certain Federal reporting requirements; or (2) neither the taxpayer nor the government of the relevant foreign country provides the State certain information relating to the income of the taxpayer. Limits the State taxation of dividends received by U.S. companies from foreign corporations. Sets forth certain definitions. Requires certain multistate and multinational corporations to file informational returns within 180 days of the due date of the Federal income tax return disclosing certain information relating to the State taxation of corporate income such as: (1) the corporation's income tax liability to each State in which it is liable to pay income tax; (2) its income subject to tax in each State; and (3) the method of calculation by which the reporting corporation computed and allocated its income subject to tax by each state. Imposes a $1,000 penalty for failure to file the informational return. Increases the penalty where the failure to file continues after the taxpayer has been notified of such requirement. Sets a maximum penalty for failure to file at $24,000. Permits the disclosure of certain tax information to a State tax agency under certain conditions. Sets forth certain procedures and restrictions relating to the information disclosure.

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1 official file

• Introduced in Senate

  summary · EN · 18 December 1985

  Open at official source

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