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1996 SESSION
966575809Be 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)
within three years from the last day prescribed by law for the
timely filing of the return; (ii) within ninety days 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, whichever is
later, provided that the refund does not exceed the amount of the
decrease in Virginia tax attributable to such federal change or correction;
or (iii) within one year 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 become effective for amended returns filed on or after July 1, 1996.