Bill Text: HI HB2396 | 2016 | Regular Session | Introduced

Hawaii House Bill 2396 (Prior Session Legislation)

Introduced

Bill Title: Taxes; Income Tax Refunds

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-29 - Referred to FIN, referral sheet 4 [HB2396 Detail]

Download: Hawaii-2016-HB2396-Introduced.html

HOUSE OF REPRESENTATIVES	H.B. NO.	2396
TWENTY-EIGHTH LEGISLATURE, 2016
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO TAX ADJUSTMENTS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 235-101, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

"(b) It shall be the duty of every person who is required by section 235-92 to make a return, to report to the department, as to any taxable year governed by this chapter, if (1) the amount of taxable income as returned to the United States is changed, corrected, or adjusted by an officer of the United States or other competent authority, or (2) a change in taxable income results from a renegotiation of a contract with the United States or a subcontract thereunder, or (3) a recomputation of the income tax imposed by the United States under the Internal Revenue Code results from any cause, or (4) an amended income tax return is made to the United States. The report shall be made within ninety days after the change, correction, adjustment, or recomputation is finally determined or the amended return is filed, as the case may be. The report required by this subsection shall be made in the form of an amendment of the person's return filed under this chapter. The amended return shall be accompanied by a copy of the document issued by the United States under (1) to (3). The statutory period for the assessment of any deficiency or the determination of any refund attributable to this report shall not expire before the expiration of one year from the date the department is notified by the taxpayer or the Internal Revenue Service, whichever is earlier, of such a report in writing. Before the expiration of this one-year period, the department and the taxpayer may agree in writing to the extension of this period. The period so agreed upon may be further extended by subsequent agreements in writing made before the expiration of the period previously agreed upon. Nothing in the foregoing shall allow or permit a refund unless such refund request is filed within the time limits established by section 235-111. Any refund owed to the taxpayer by the State as a result of a federal tax change, correction, or adjustment shall be limited to the decrease in state tax resulting from such change, correction, or adjustment, unless a claim for refund request has been filed with the department within the time limits established by section 235-111."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________

BY REQUEST

Report Title:

Taxes; Income Tax Refunds

Description:

Specifies that taxpayers who file an amended return under section 235-101, Hawaii Revised Statutes, may not claim a refund unless such refund is claimed within the time limits established by section 235-111, Hawaii Revised Statutes.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.