SB840: Relating to nonresident income tax for natural resources royalty payments received from lessees

Legislative Summary

The purpose of this bill is to provide for withholdings of estimated tax liabilities from natural resources royalty payments for nonresidents by lessees; provide exceptions to the tax withholding requirements under certain circumstances; provide that withheld amounts be paid by lessees to the Tax Commissioner on behalf of the nonresidents; providing for refunds to nonresidents for overpayment; require annual withholding statements, reconciliation, and filing requirements; require electronic filing under specified circumstances; provide criminal and civil penalties in certain circumstances for non-compliance; and provide for rule-making.