59-7-522. Overpayments.

258 words·~1 min read·/ut/title-59/chapter-7/59-7-522

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/21/2018

(1)As used in this section, "overpayment" means the same as that term is defined in Section 59-1-1409 .

(a)Subject to Subsection (2)(b) , a claim for credit or refund of an overpayment that is attributable to a Utah net loss carry forward shall be filed within three years from the due date of the return for the taxable year of the Utah net loss.

(b)The three-year period described in Subsection (2)(a) shall be extended by any extension of time provided in statute for filing the return described in Subsection (2)(a) .

(3)The commission shall make a credit against or refund of any overpayment of a tax under this chapter for a taxable year if, in accordance with Section 59-7-519 :

(i)a corporation agrees with the commissioner of internal revenue for an extension, or a renewal of an extension, of the period for proposing and assessing a deficiency in federal income tax for that taxable year; or

(ii)there is a change in or correction of federal taxable income for that taxable year; and

(b)the corporation files a claim for the credit or refund before the expiration of the time period within which the commission may assess a deficiency.

(4)The commission shall make a credit or refund within a 30-day period after the day on which a court's decision to require the commission to credit or refund the amount of an overpayment to a taxpayer is final.

Amended by Chapter 3 , 2018 Special Session 2