12.1-15 - Power to compromise and settle; power to waive penalties and charge off delinquent taxes, etc.
§ 12.1-15. Power to compromise and settle; power to waive penalties andcharge off delinquent taxes, etc.
The Commission shall have power and authority in any matter, claim, or chargewithin its jurisdiction, under any provision of law heretofore or hereafterenacted, to compromise or settle any matter, claim, or charge, either by orin a formal proceeding, or informally, whether any proceeding shall have beeninstituted or not. The Commission shall have the power and authority todismiss any proceeding which is pending and in which a compromise orsettlement is effected without making a formal record of such compromise orsettlement, in its sound judicial discretion. Any compromise or settlementmay include provisions for reimbursement to the Commission to defray thecosts, or a portion thereof, of any audit, investigation, or examinationconducted.
The power and authority of the Commission to make compromises and settlementshereby conferred shall extend to its jurisdiction to impose fines andpenalties under any provision of law heretofore or hereafter enacted.
Nothing herein contained, however, shall be construed to authorize or empowerthe Commission to effect any compromise or settlement involving the paymentof money into the treasury without some record or memorandum of suchcompromise or settlement in the clerk's office of the Commission.
The Commission shall have power and authority to waive the assessment of anypenalty or interest upon any tax or fee assessed by the Commission, and toabate and exonerate any such penalty or interest, whether heretofore orhereafter assessed, for providential or other good cause shown to thesatisfaction of the Commission, or in cases where the collection thereofcannot be economically effected because the cost of collection exceeds theamount recoverable.
The Commission shall have power and authority to charge off delinquent taxesand registration fees on its books when the claims therefor are worthless orcannot be economically collected, and shall notify the State Tax Commissionerand the Comptroller of such action in such detail and at such times as theymay require. The Commission shall maintain records which indicate the reasonfor the charge off for a period of three years.
(Code 1950, § 12-20; 1971, Ex. Sess., c. 157; 1975, c. 236; 1991, c. 128.)