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THE SENATE |
S.B. NO. |
2925 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
S.D. 1 |
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STATE OF HAWAII |
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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] a timely amended income tax return is
[made to] filed with and accepted by 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] the change in federal income, attributes from which tax
is computed, such as basis, or tax 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."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
Report Title:
Taxes; Income Tax Refunds
Description:
Amends section 235-101, HRS, to specify that the untimely filing of an amended federal income tax return does not reopen the Hawaii statute of limitations for claiming a tax refund. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.