07 LC 18
5770
House
Bill 40
By:
Representatives Franklin of the
43rd,
Scott of the
2nd,
Royal of the
171st,
Williams of the
4th,
Rice of the
51st,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-7-82 of the Official Code of Georgia Annotated, relating
to periods of limitation for assessment and collection of income taxes, so as
to authorize additional claims for refunds of state income taxes following the
claiming and allowing of certain amended federal returns; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-7-82 of the Official Code of Georgia Annotated, relating to periods
of limitation for assessment and collection of income taxes, is amended by
revising paragraph (1) of subsection (e) as follows:
"(1)
When a taxpayer´s amount of net income for any year under this chapter as
returned to the United States Department of the Treasury is changed or corrected
by the commissioner of internal revenue or other officer of the United States of
competent authority, the taxpayer, within 180 days after final determination of
the changed or corrected net income, shall make a return to the commissioner of
the changed or corrected income, and the commissioner shall make assessment or
the taxpayer shall claim a refund based on the change or correction within one
year from the date the return required by this paragraph is filed. If the
taxpayer does not make the return reflecting the changed or corrected net income
and the commissioner receives from the United States government or one of its
agents a report reflecting the changed or corrected net income, the commissioner
shall make assessment for taxes due based on the change or correction within
five years from the date the report from the United States government or its
agent is actually received.
If the
taxpayer files an amended federal income tax return seeking a refund and that
return is allowed and a refund granted, the taxpayer shall be authorized to file
an amended state income tax return seeking a refund within the 180 day time
period specified in this paragraph without regard to the three year limitation
of Code Section
48-2-35."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.