AR HB1684

Amends Arkansas Code § 26-18-306(i) to add a new subdivision extending the statute of limitations for amended tax returns and verified claims for credit or refund filed within 60 days of the existing statute expiration date.

For income taxes in tax years beginning January 1, 2017 or later, the director has 60 days from the filing date of an amended return or verified claim for credit or refund to review its accuracy.

For all other taxes, beginning the first day of the calendar quarter following the act's effective date, the director has 60 days from the filing date of an amended return or verified claim for credit or refund to review its accuracy.

Allows the director to assess tax due or reduce the credit or refund amount for the reporting period if the amended return or verified claim does not accurately reflect the correct tax or refund amount.

Restricts any assessment of tax or reduction of credit or refund to a maximum of 60 days after the filing date of the amended return or verified claim for credit or refund.