Introduced By: Representatives Watson, Kelley and Gorham
Date Introduced : February 2, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Section 44-11-20 of the General Laws in Chapter 44-11 entitled "Business Corporation Tax" is hereby amended to read as follows:
44-11-20. Claims for refund -- Hearing upon denial. --
(a) Any taxpayer may file a claim for refund with the tax administrator
at any time within {DEL two (2) DEL} {ADD three (3) ADD} years
after the tax has been paid, or in the case of a change or correction
of its taxable income by any official of the United States government,
within {DEL two (2) DEL} {ADD three (3) ADD} years after receiving
notice of the change or correction. If the tax administrator shall
determine that the tax has been overpaid, he shall make a refund
with interest at the annual rate provided by section 44-1-7.1,
as amended, from the date of payment.
(b) If the claim for refund relates to an overpayment attributable to a net operating loss carryback or a capital loss carryback, a taxpayer may file a claim for refund with the tax administrator within the period which ends with the expiration of the 15th day of the 39th month following the end of the taxable year of the net operating loss or net capital loss which results in the carryback, or the period prescribed in subsection (a) in respect of the taxable year, whichever expires later.
(c) Any taxpayer whose claim for refund has been denied may, within thirty (30) days from the date of the mailing by the tax administrator of the notice of the decision, request a hearing and the tax administrator shall, as soon as practicable, set a time and place for the hearing and shall so notify the applicant.
SECTION 2. This act shall take effect upon passage and apply to claims for refunds for tax years ending on or after December 31, 1997.
