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GGD-84-51 1 (1984-02-02)

handle is hein.gao/gaobabejy0001 and id is 1 raw text is: BY THE US, GENERAL ACCOUNTING OFFICE Report To The Honorable Thomas N. Kindness Information Reporting Requirements For State And Local Income Tax Refunds Section,6050E of the Internal Revenue Code requires that state and local governments provide written statements to taxpayers specifying the income tax refund amounts paid them in the prior year. The statements must be mailed to taxpayers during the month of January following the year the refunds were paid Section 6050E was enacted in 1982 to increase taxpayer compliance with the requirement that cer- tain state and local tax refunds be reported as income for federal tax purposes At the request of Congressman Thomas N Kindness, GAO compared the costs to the states to implement section 6050E to the federal revenues expected to be derived from improved compliance with the tax laws governing the reporting of state and local tax refunds GAO found that states' costs to comply with the requirement may be as much as or more than the federal revenues gained from it. GAO also evaluated a proposed bill--H R 625--which would allowthe states to include the written statements with refund checks in whatever month these checks were mailed GAO found that H R 625 would further reduce states' costs without adversely affecting estimated federal rev- enues GAO thus believes that, since the January mailing would produce only marginal estimated fed- eral tax revenues, H R 625 is a reasonable alternative to present law. GAO/GGD-84-51 IPArrnrniinw n imu

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