SRC-EPT, TBR S.B. 1037 77(R)BILL ANALYSIS


Senate Research CenterS.B. 1037
By: Ellis, Rodney
Finance
6/22/2001
Enrolled


DIGEST AND PURPOSE 

Texas does not have a program that certifies independent certified public
accountants to conduct audits. S.B. 1037 creates a certified audit program
to train and certify independent certified public accountants to conduct
tax audits. 

RULEMAKING AUTHORITY

Rulemaking authority is expressly granted to the comptroller of public
account in SECTION 1 (Section 151.0232, Tax Code), of this bill. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Chapter 151B, Tax Code, by adding Section 151.0232, as
follows: 

Sec. 151.0232.  CPA AUDIT PROGRAM. (a)  Authorizes the comptroller by rule
to establish a program in which a taxpayer may hire a certified public
accountant who is not employed by the comptroller to perform an audit to
determine a taxpayer's liability for a tax imposed under this chapter. 

(b)  Requires a program established under Subsection (a) to include certain
requirements. 

(c)  Prohibits the comptroller, unless the audit or other information
available to the comptroller discloses fraud or wilful evasion of the tax,
from assessing a penalty and from waiving all or part of the accrued
interest on an amount identified to be due as a result of an audit
performed under Subsection (a). 

SECTION 2.  Effective date: upon passage or September 1, 2001.