Georgia House of Representatives - 1995/1996 Sessions

HB 16 - Income tax; interest; delinquencies and refunds

Page Numbers - 1/ 2/ 3

Code Sections - 48-7-81.1/ 48-7-81.2

1. Kaye  37th


House Comm: W&M        /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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              1/11/95  Read 1st Time                                                                
              1/12/95  Read 2nd Time                                                                
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Code Sections amended: 48-7-81.1, 48-7-81.2                                                         


HB 16                                             LC 18 6356






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Article 4 of Chapter 7 of Title 48 of the Official
  1- 2  Code of Georgia Annotated, relating to payment,
  1- 3  deficiencies, assessment, and collection of income taxes, so
  1- 4  as to change the rate of interest required to be paid on
  1- 5  delinquent income taxes; to provide for the payment of
  1- 6  interest on refunds of overpayments of state income tax; to
  1- 7  provide for procedures and limitations; to repeal
  1- 8  conflicting laws; and for other purposes.

  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1-10  Article 4 of Chapter 7 of Title 48 of the Official Code of
  1-11  Georgia Annotated, relating to payment, deficiencies,
  1-12  assessment, and collection of income taxes, is amended by
  1-13  striking subsection (a) of Code Section 48-7-81, relating to
  1-14  interest on delinquent income taxes, and inserting in its
  1-15  place a new subsection (a) to read as follows:

  1-16    "(a) If any amount of tax imposed by this chapter is not
  1-17    paid on or before the last date prescribed for payment,
  1-18    interest on the payment at the rate specified in Code
  1-19    Section 48-2-40 48-7-81.2 shall be paid for the period
  1-20    from the last date prescribed for payment to the date
  1-21    paid."

                         SECTION 2.

  1-22  Said article is further amended by adding two new Code
  1-23  sections immediately following Code Section 48-7-81, to be
  1-24  designated Code Sections 48-7-81.1 and 48-7-81.2,
  1-25  respectively, to read as follows:

  1-26    "48-7-81.1. (Index)

  1-27    (a) Interest shall be allowed and paid upon any
  1-28    overpayment with respect to any state income tax paid
  1-29    under this chapter at the overpayment rate established
  1-30    under Code Section 48-7-81.2.



                                 -1- (Index)
8    -    -    -    4    -    4    <    e
                                                  LC 18 6356

  2- 1    (b) Such interest shall be allowed and paid as follows:

  2- 2      (1) In the case of a credit, from the date of the
  2- 3      overpayment to the due date of the amount against which
  2- 4      the credit is taken.

  2- 5      (2) In the case of a refund, from the date of the
  2- 6      overpayment to a date to be determined by the
  2- 7      commissioner preceding the date of the refund check by
  2- 8      not more than 30 days, whether or not such refund check
  2- 9      is accepted by the taxpayer after tender of such check
  2-10      to the taxpayer.  The acceptance of such check shall be
  2-11      without prejudice to any right of the taxpayer to claim
  2-12      any additional overpayment and interest thereon.

  2-13      (3) Notwithstanding paragraph (1) or (2) of this
  2-14      subsection, in the case of a return of tax which is
  2-15      filed after the last date prescribed for filing such
  2-16      return, determined with regard to any extension of time
  2-17      for filing the return, no interest shall be allowed or
  2-18      paid for any day before the date on which the return is
  2-19      filed.

  2-20    (c) If any overpayment of tax imposed under this chapter
  2-21    is refunded within 45 days after the last date prescribed
  2-22    for filing the return of such tax, determined without
  2-23    regard to any extension of time for filing the return, or
  2-24    in case the return is filed after such last date, if such
  2-25    overpayment is refunded within 45 days after the date the
  2-26    return is filed, no interest shall be allowed under
  2-27    subsection (a) of this Code section on such overpayment.

  2-28      (d)(1) For purposes of this Code section, a return shall
  2-29      not be treated as filed until it is filed in processible
  2-30      form.

  2-31      (2) For purposes of paragraph (1) of this subsection, a
  2-32      return is in a processible form if:

  2-33        (A) Such return is filed on a permitted form; and

  2-34        (B) Such return contains:

  2-35          (i) The taxpayer's name, address, identifying
  2-36          number, and the required signature; and

  2-37          (ii) Sufficient required information, whether on the
  2-38          return or on required attachments, to permit the
  2-39          mathematical verification of tax liability shown on
  2-40          the return.



                                 -2- (Index)

                                                  LC 18 6356

  3- 1    48-7-81.2. (Index)

  3- 2    The rate of interest required to be paid under Code
  3- 3    Section 48-7-81 and the rate of interest required to be
  3- 4    paid under Code Section 48-7-81.1 shall correspond to and
  3- 5    be calculated in the same manner as the underpayment rate
  3- 6    and overpayment rate, respectively, as provided under
  3- 7    Sections 6621 and 6622 of the Internal Revenue Code of
  3- 8    1986, as amended."

                         SECTION 2.

  3- 9  All laws and parts of laws in conflict with this Act are
  3-10  repealed.



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                                 -3- (Index)