7 LONG TITLE
8 General Description:
9 This bill amends provisions related to a credit against or a refund of an overpayment of
10 corporate franchise or income taxes.
11 Highlighted Provisions:
12 This bill:
13 ▸ defines a term;
14 ▸ amends provisions related to a credit against or a refund of an overpayment of
15 corporate franchise or income taxes; and
16 ▸ makes technical and conforming changes.
17 Money Appropriated in this Bill:
19 Other Special Clauses:
20 This bill provides a special effective date.
21 This bill provides retrospective operation.
22 Utah Code Sections Affected:
24 59-7-522, as last amended by Laws of Utah 2010, Chapter 216
26 Be it enacted by the Legislature of the state of Utah:
27 Section 1. Section 59-7-522 is amended to read:
28 59-7-522. Overpayments.
29 (1) As used in this section, "overpayment" means the same as that term is defined in
30 Section 59-1-1409.
32 overpayment that is attributable to a Utah net loss carry back or carry forward shall be filed
33 within three years from the due date of the return for the taxable year of the Utah net loss.
34 (b) The three-year period described in Subsection [
35 extension of time provided in statute for filing the return described in Subsection [
39 (3) The commission shall make a credit against or refund of any overpayment of a tax
40 under this chapter for a taxable year if, in accordance with Section 59-7-519:
41 (a) (i) a corporation agrees with the commissioner of internal revenue for an extension,
42 or a renewal of an extension, of the period for proposing and assessing a deficiency in federal
43 income tax for that taxable year; or
44 (ii) there is a change in or correction of federal taxable income for that taxable year;
46 (b) the corporation files a claim for the credit or refund before the expiration of the
47 time period within which the commission may assess a deficiency.
49 day on which a court's decision to require the commission to credit or refund the amount of an
50 overpayment to a taxpayer is final.
51 Section 2. Effective date.
52 If approved by two-thirds of all the members elected to each house, this bill takes effect
53 upon approval by the governor, or the day following the constitutional time limit of Utah
54 Constitution, Article VII, Section 8, without the governor's signature, or in the case of a veto,
55 the date of veto override.
56 Section 3. Retrospective operation.
57 This bill:
58 (1) has retrospective operation for a refund claim filed or pending on or after January 1,
59 2015; and
60 (2) applies to an amount for which the commission may assess a deficiency under
61 Section 59-7-519.