As to the state's audit practices, the new legislation:
- limits the lookback period for audits already underway to January 1, 1986;
- limits the lookback period for new audits to January 1, 1991; and
- effective January 1, 2017, limits the lookback period for new audits to 22 years
The law provides that no new audits will be commenced until such time as the Secretary of State notifies the holder of the ability to enter into the VDA program, and the holder fails to do so within 60 days.
On the negative side for holders, effective March 1, 2016 the bill also reinstates interest on overdue amounts at 0.5% per month unless (up to 25% of the amount to be paid) unless the failure to pay "is due to reasonable cause and not willful neglect."