This bill modifies requirements for tax withholding.
This bill:
- provides penalty provisions that apply if a producer fails to file a Form 1099 for mineral production tax withholding or fails to file the Form 1099 on time;
- amends the percentage of the mineral production tax a producer withholds to align with the income tax rate;
- amends the information a producer is required to provide on a withholding return;
- provides the requirements for a producer to file a form 1099 with the State Tax Commission; and
- makes technical and conforming changes.
Recommended by: Revenue and Taxation Interim Committee

Statutes affected:
Introduced: 59-1-401, 59-6-102, 59-6-103
Substitute #1: 59-1-401, 59-6-102, 59-6-103