The bill amends the "Tax Preparers Act" by updating its title and introducing new definitions and responsibilities for tax return preparers. Key insertions include the definition of a "ghost preparer," who is a tax return preparer that does not self-identify on the returns they prepare or does not comply with the Preparer Tax Identification Number (PTIN) requirements, and the requirement for tax return preparers to include their PTIN on all returns filed with the tax administrator. Additionally, the bill specifies that tax return preparers must not engage in activities that facilitate ghost preparation.

The bill establishes civil penalties for tax return preparers who willfully mislead clients, commit fraud against taxpayers, circumvent tax laws, or violate any provision of the act. Penalties include a fine of up to $1,000 for each return filed in violation during any calendar year. If a tax return preparer has committed a violation after a suspension or revocation of their privileges, they may face a penalty of up to $5,000 if suspended or $10,000 if revoked, per violation. The tax administrator is also required to periodically publish a list of tax return preparers whose privileges have been suspended or revoked. The act will take effect upon passage.