No. HB 1397
Filed under Taxes & Budget.
Local Business Tax Receipts; Requires persons applying for or renewing local business tax receipt to practice or engage in or manage any business or occupation that conducts certain transactions to exhibit active license or authorization from Office of Foreign Assets Control of United States Department of Treasury; specifies that online renewals may meet such requirement by electronic certification by applicant.
Plain English Summary
AI-GENERATEDApplicants for local business tax receipts must now show an active license or authorization from the U.S. Treasury's Office of Foreign Assets Control.
This requirement applies to anyone practicing a profession or managing a business that conducts transactions subject to OFAC sanction programs.
The new rule takes effect on October 1, 2026, and applies to both initial applications and renewals.
Online renewals may satisfy the requirement through an electronic certification provided by the applicant.
AICreates a new legal requirement that prohibits local governments from issuing or renewing a business tax receipt unless the applicant proves they hold an active license or authorization from the U.S. Treasury's Office of Foreign Assets Control.
AIPermits applicants to satisfy the new OFAC license requirement during online renewals by submitting an electronic certification, rather than providing a physical document.
AIRenumbering the existing subsection (2) as subsection (3) to accommodate the new requirement, with no change to the substance of the existing law.