HB1956 Requires interest to be paid to taxpayers on both sales and income tax refunds and credits.
Sponsor: Gibbons, Michael R. (94) Effective Date:00/00/0000
CoSponsor: LR Number: 3110L.01I
Last Action: COMMITTEE: WAYS AND MEANS
03/08/2000 - Public Hearing Held (H)
HB1956
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Text for HB1956
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BILL SUMMARIES

INTRODUCED

HB 1956 -- Taxation:  Refunds and Credits

Sponsor:  Gibbons

This bill makes changes to the conditions for allowing income
tax and sales tax refunds or credits and for the payment of
interest on certain overpayment or underpayment of taxes.

Under current law, any balance resulting from the offset of any
income or withholding tax overpayment to satisfy other debts
owed the state by the taxpayer must be refunded to the
taxpayer.  The bill will allow the balance to be credited to the
taxpayer's account instead of being refunded.

The bill also requires the payment of interest at the statutory
adjusted rate to an income taxpayer when an overpayment of taxes
resulted from the taxpayer filing an amended return after the
due date of the original return.  Under current law, the
taxpayer receives 6% per annum interest under this circumstance.

Under current law, interest is paid on any balance that results
after the crediting of any overpayment of sales tax against the
current sales tax liability of a taxpayer.  The bill requires
interest to be paid prior to the crediting of overpayments
against a taxpayer's current liability.  The Director of the
Department of Revenue will be required to refund the balance
within 120 days from the date the tax was collected after
receiving proper documentation from the taxpayer.


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