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TAX BOARD TO SETTLE PROTESTS, APPEALS

 TAX BOARD TO SETTLE PROTESTS, APPEALS
 SACRAMENTO, Calif., Aug. 11 /PRNewswire/ -- Recently signed


legislation, Assembly Bill 887, authorizes the Franchise Tax Board (FTB) to settle corporate and personal income tax disputes.
 The new law affects those tax disputes which were in protest or appeal as of July 1, 1992. It is estimated that this settlement program could raise up to $300 million this fiscal year.
 The law allows FTB staff to recommend tax settlements to the three member board for review and determination. The three member board is made up of the State Controller, Director of the Department of Finance and the Chairman of the Board of Equalization. Before a recommendation for settlement can be made to the three member board, the Attorney General must review the recommendation and advise in writing whether it is reasonable.
 Currently FTB is developing procedures for taxpayers interested in settling tax disputes.
 -0- 8/11/92
 /CONTACT: Jim Reber or Jim Shepherd of California Franchise Tax Board, 916-369-4800/ CO: Franchise Tax Board ST: California IN: FIN SU:


KF-RM -- SF002 -- 8960 08/11/92 12:16 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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