Bill Text: NC S452 | 2015-2016 | Regular Session | Amended
Bill Title: Statute of Limitations Refund Modification
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-30 - Re-ref Com On Finance [S452 Detail]
Download: North_Carolina-2015-S452-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
S 1
SENATE BILL 452
|
Short Title: Statute of Limitations Refund Modification. |
(Public) |
|
|
Sponsors: |
Senator J. Davis (Primary Sponsor). |
|
|
Referred to: |
Rules and Operations of the Senate. |
|
March 26, 2015
A BILL TO BE ENTITLED
AN ACT to extend the statute of limitations for obtaining a refund of the income tax paid on airline payment amounts.
The General Assembly of North Carolina enacts:
SECTION 1. Purpose. – The purpose of this section is to extend the statute of limitations for requesting a refund of State income taxes to conform to federal tax treatment of the rollover of an airline payment amount by a qualified airline employee to a traditional or Roth IRA so as to prevent double taxation of the amount for State income tax purposes.
SECTION 2. Definitions. – The following definitions apply in this section:
(1) Airline payment amount. – Defined in section 1106(c)(1) of Public Law 112‑95, as amended by Public Law 113‑243.
(2) Qualified airline employee. – Defined in section 1106(c)(2) of Public Law 112‑95, as amended by Public Law 113‑243.
SECTION 3. Extension of Time to File Claim for Refund. – Notwithstanding the general statute of limitations for obtaining a refund of an overpayment of tax under G.S. 105‑241.6(a), a qualified airline employee, or the surviving spouse of a qualified airline employee, that meets all of the following conditions may apply to the Department of Revenue for a refund of the State individual income tax paid on the airline payment amount that was transferred to a traditional IRA:
(1) Received an airline payment amount in a taxable year beginning before January 1, 2012, and included the amount in federal adjusted gross income.
(2) Transferred any portion of the airline payment amount to a traditional IRA, either directly or indirectly from a Roth IRA, by August 13, 2012.
(3) Filed a claim for refund of federal individual income tax paid on the airline payment amount by April 15, 2015, that was accepted by the Internal Revenue Service.
SECTION 4. Late Refund Request. – A request for a refund under this section must be made to the Secretary of Revenue on or before October 15, 2015. A request for a refund received after that date is barred.
SECTION 5. This act is effective when it becomes law.
