Law Summary
Income Tax Information Disclosure
- Certificate must state the candidate's gross income, expenses, deductions, and exemptions for the last two years prior to the election.
- Candidate must confirm payment of income taxes as assessed for the same two-year period.
- Include receipt numbers and payment places for income taxes paid.
- If exempt from income tax or if tax obligations are pending final determination, the candidate must state this explicitly.
Waiver of Privilege for Tax Information
- Certificate must contain a waiver of the privilege against public disclosure of income tax returns and tax census statements for the two-year period.
- The waiver excludes financial statements attached to the tax returns.
- The waiver is effective only during the candidate's candidacy period.
Validity of Certificate of Candidacy
- Failure to include required income tax information and the waiver will render the certificate of candidacy invalid.
Effective Date
- The amendments take effect immediately upon approval of the Act.