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ID S1079
Bill
AI Summary
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Amends Section 63-3033 to clarify that individuals entitled to federal extensions under Internal Revenue Code Section 7508 have interest accrue from the extended due date rather than the original due date.
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Modifies Section 63-3072 to extend the three (3) year period for claiming credits or refunds for individuals with Section 7508 extensions by the number of days disregarded under that federal provision.
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Exempts Section 7508 extensions from the general rule that interest accrues from the original due date, allowing interest to accrue only from the extended due date to the payment date.
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Applies the changes retroactively to January 1, 2011 and declares an emergency for immediate enactment.
Legislative Description
Amends existing law to provide extensions of time under the State Income Tax Act with regard to an individual who is entitled to an extension of time as provided in Section 7508 of the Internal Revenue Code.
INCOME TAX
Last Action
Governor signed Session Law Chapter 45 Effective: 01/01/11
3/9/2011