NJ A4473

Removes the 5-year statute of limitations for recovering erroneous tax refunds obtained through fraud, allowing the Division of Taxation to assess deficiencies at any time when a false or fraudulent return was filed with intent to evade tax

Clarifies that "false or fraudulent return" does not include taxpayer inadvertence, reliance on incorrect technical advice, honest difference of opinion, negligence, or carelessness

Aligns the treatment of fraud-induced refunds with the existing unlimited assessment period that applies to false or fraudulent returns filed to evade taxes

Eliminates the term "misrepresentation of a material fact" from the erroneous refund recovery provisions to create a consistent fraud standard

Applies retroactively to assessments of deficiencies arising from erroneous refunds made within the five years preceding the bill's enactment