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Introduced Version House Bill 3171 History

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H. B. 3171

(By Delegates H. White, R. M. Thompson,
Hrutkay, Perry, Azinger and Frich)
[Introduced March 23, 2005; referred to the
Committee on Banking and Insurance then Finance.]

A BILL to amend and reenact §33-43-7 of the Code of West Virginia, 1931, as amended, relating to late filings of tax returns to the Insurance Commissioner; permitting the Commissioner to waive or reduce the penalty; and establishing the standard for granting waiver or reduction.

Be it enacted by the Legislature of West Virginia:
That §33-43-7 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
§33-43-7. Penalties.

(a) If any taxpayer fails to file a return by the applicable filing date, then for each day throughout which the taxpayer fails to file, the taxpayer is liable for a civil penalty of twenty-five dollars: Provided, That the Commissioner may waive or reduce this penalty if the Commissioner determines that the failure to timely file was caused by excusable neglect or otherwise does not warrant the imposition of the maximum allowable penalty.
(b) If a taxpayer fails to pay a tax liability in full by the applicable payment date, then for each day throughout which a portion of the liability remains unpaid, the taxpayer is liable for a civil penalty in an amount equal to one percent of the unpaid portion: Provided, That the sum of the penalties imposed under this subsection may not exceed one hundred percent of the tax liability: Provided, however, That this (c) A penalty imposed under this section may be waived or reduced by the commissioner if the taxpayer establishes, to the satisfaction of the Commissioner, that the failure upon which the penalty is based was not, in whole or in part, willful or due to the neglect of the taxpayer.
(d) (c) The assessment of a penalty under this section is automatic unless a waiver or reduction of the penalty is agreed to by the Commissioner in writing.

NOTE: The purpose of this bill is to permit the Commissioner to waive or reduce the daily penalty for failure to timely file a tax return with the Insurance Commissioner for excusable neglect.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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