SRC-TBR S.B. 1037 77(R) BILL ANALYSIS Senate Research Center S.B. 1037 77R2157 SMJ-DBy: Ellis, Rodney Finance 3/8/2001 As Filed DIGEST AND PURPOSE Currently, Texas does not have a program that certifies independent certified public accountants to conduct audits. As proposed, 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) Authorizes the comptroller to waive a penalty or 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.