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1998 SESSION
989293666Be it enacted by the General Assembly of Virginia:
1. That § 58.1-1823 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-1823. Reassessment and refund upon the filing of amended return or the payment of an assessment.
A. Any person filing a tax return or paying an assessment required for any tax
administered by the Department of Taxation may file an amended return with the
Department within the later of: (i) three years from the last day prescribed by
law for the timely filing of the return; (ii) ninety days [
three years one year ] from the final
determination of any change or correction in the liability of the taxpayer for
any federal tax upon which the state tax is based, provided that the refund
does not exceed the amount of the decrease in Virginia tax attributable to such
federal change or correction; (iii) two years from the filing of an amended
Virginia return resulting in the payment of additional tax, provided that the
amended return raises issues relating solely to such prior amended return and
that the refund does not exceed the amount of the payment with such prior
amended return; or (iv) two years from the payment of an assessment, provided
that the amended return raises issues relating solely to such assessment and
that the refund does not exceed the amount of such payment. If the Department
is satisfied, by evidence submitted to it or otherwise, that the tax assessed
and paid upon the original return exceeds the proper amount, the Department may
reassess the taxpayer and order that any amount excessively paid be refunded to
him. The Department may reduce such refund by the amount of any taxes,
penalties and interest which are due for the period covered by the amended
return, or any past-due taxes, penalties and interest which have been assessed
within the appropriate period of limitations. Any order of the Department
denying such reassessment and refund, or the failure of the Department to act
thereon within three months shall, as to matters first raised by the amended
return, be deemed an assessment for the purpose of enabling the taxpayer to
pursue the remedies allowed under this chapter.
B. Notwithstanding the statute of limitations established in this section, any retired employee of a political subdivision of the Commonwealth, established pursuant to Chapter 627 of the 1958 Acts of Assembly, may file an amended individual income tax return until May 1, 1990, for taxable years beginning on and after January 1, 1985, and before January 1, 1986, for taxes paid on retirement income exempt pursuant to § 58.1-322.
C. Notwithstanding the statute of limitations contained in subsection A, any individual who claimed an age subtraction on his 1990 individual income tax return may file an amended individual income tax return on July 1, 1994, for taxable years beginning on and after January 1, 1990, and ending before January 1, 1991, to claim an income deduction as provided in § 58.1-322 D 5 in lieu of the income subtraction originally claimed.
[ 2. That the provisions of this act shall be applicable to amended returns filed on or after July 1, 1998. ]