MO HB1048

Repeals and reenacts section 143.801, RSMo, governing limitations on income tax credits and refunds.

Adds new subsection 7 allowing taxpayers to claim credits or refunds of overpayments discovered by the Department of Revenue during examinations conducted after the normal period of limitations has expired.

Requires the Department of Revenue to notify the taxpayer of any overpayment discovered during such examination and inform them of the procedure for filing a claim.

Allows taxpayers one year from the date the Department provides notice to file a claim for credit or refund of the discovered overpayment.

Maintains existing limitation periods for claims filed by taxpayers (three years from return filing or two years from tax payment, whichever is later) and special provisions for federal changes, worthless debts, and loss carrybacks.