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2002 SESSION

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SB 530 Income taxes; payment of interest on refunds.

Introduced by: William C. Mims | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

State taxes; accrual and payment of interest on refunds. Requires that interest on refunds of state income taxes accrue 30 days after payment of the tax if the income tax return was filed via electronic means and 60 days if such tax return was filed by other than electronic means. Current law provides that interest accrue 60 days after payment of the tax or 60 days after the last day prescribed by law for such payment, whichever is later. The bill's provisions are effective beginning with taxable year 2003.

SUMMARY AS PASSED SENATE:

State taxes; accrual and payment of interest on refunds. Requires that interest on refunds of state income taxes accrue 30 days after payment of the tax if the income tax return was filed via electronic means and 60 days if such tax return was filed by other than electronic means. Current law provides that interest accrue 60 days after payment of the tax or 60 days after the last day prescribed by law for such payment, whichever is later. The bill's provisions are effective beginning with taxable year 2003.

SUMMARY AS INTRODUCED:

State taxes; accrual and payment of interest on refunds. Requires that interest on refunds of state taxes accrue 21 days after payment of the tax. Current law provides that interest accrue 60 days after payment of the tax or 60 days after the last day prescribed by law for such payment, whichever is later.