AN ACT TO CLARIFY WHEN THE DEPARTMENT OF REVENUE IS REQUIRED TO INITIATE A REFUND OF AN OVERPAYMENT OF TAX AND TO AUTHORIZE THE ISSUANCE OF REFUNDS OF OVERPAYMENTS THAT HAVE BEEN IDENTIFIED BY THE DEPARTMENT CONSISTENT WITH THIS CLARIFICATION. Summarized in Daily Bulletin 2/21/11. Enacted March 9, 2011. Effective March 9, 2011.
Summary date: Mar 9 2011 - View summary
Bill S 97 (2011-2012)Summary date: Feb 21 2011 - View summary
Amends GS 105-241.7 to require the Department of Revenue (Department) to refund an overpayment by a taxpayer if the Department discovers the overpayment before the statute of limitations for obtaining a refund expires. Specifies that discovery occurs under any of the following circumstances: (1) the automated processing of a tax return indicates that the return requires additional review, (2) a review of the return by a Department employee indicates an overpayment by the taxpayer, and (3) an audit of the return by a Department employee indicates an overpayment by the taxpayer. Includes General Assembly findings concerning the application of the statute of limitations.