HCS HB 1408 & 1514 -- INTEREST ON OVERPAYMENTS OF INCOME TAXES SPONSOR: Smith (150) COMMITTEE ACTION: Voted "do pass" by the Committee on Tax Reform by a vote of 12 to 0. This substitute changes the time period before interest is paid on an overpayment of income tax from four months to 45 days after the last date to file a return, including an extension, or the date the return was filed, whichever is later. The substitute contains an emergency clause. FISCAL NOTE: Estimated Cost on General Revenue Fund of More than $100,000 in FY 2011, FY 2012, and FY 2013. No impact on Other State Funds in FY 2011, FY 2012, and FY 2013. PROPONENTS: Supporters of House Bill 1408 say that the bill is consistent with the federal requirements to refund tax overpayments within 45 days or to pay interest on the refund. If the government uses taxpayers' money to operate state activities instead of refunding the overpayments, the taxpayers should receive interest. Supporters of House Bill 1514 say that the bill matches the Internal Revenue Service requirements. Refunds are taxpayers' money, and they need to be returned timely. Testifying for HB 1408 was Representative Cox. Testifying for HB 1514 was Representative Smith (150). OPPONENTS: There was no opposition voiced to the committee.Copyright (c) Missouri House of Representatives