Allows a qualified airline employee, or the surviving spouse of a qualified airline employee, that meets all of the following conditions to apply for a refund of the state individual income tax paid on the airline payment amount that was transferred to a traditional IRA: (1) received an airline payment amount in a taxable year beginning before January 1, 2012, and included the amount in federal adjusted gross income; (2) transferred any portion of the airline payment amount to a traditional IRA, either directly or indirectly from a Roth IRA, by August 13, 2012; and (3) filed a claim for refund of federal individual income tax paid on the airline payment amount by April 15, 2015, that was accepted by the Internal Revenue Service. Requires a refund request to be made on or before October 15, 2015; requests received after that date are barred.
STATUTE OF LIMITATIONS REFUND MODIFICATION.
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View NCGA Bill Details | 2015-2016 Session |
AN ACT TO EXTEND THE STATUTE OF LIMITATIONS FOR OBTAINING A REFUND OF THE INCOME TAX PAID ON AIRLINE PAYMENT AMOUNTS.Intro. by J. Davis.
Status: Re-ref Com On Finance (Senate Action) (Mar 30 2015)
Bill History:
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Wed, 25 Mar 2015 Senate: Filed
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Thu, 26 Mar 2015 Senate: Passed 1st Reading
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Thu, 26 Mar 2015 Senate: Ref To Com On Rules and Operations of the Senate
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Mon, 30 Mar 2015 Senate: Withdrawn From Com
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Mon, 30 Mar 2015 Senate: Re-ref Com On Finance
S 452
Bill Summaries:
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Bill S 452 (2015-2016)Summary date: Mar 25 2015 - View Summary
View: All Summaries for Bill