Utah Code 59-7-522. Overpayments
Current as of: 2024 | Check for updates
|
Other versions
(1) As used in this section, “overpayment” means the same as that term is defined in Section 59-1-1409.
Terms Used In Utah Code 59-7-522
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: includes :(11)(a) entities defined as corporations under Sections 7701(a) and 7704, Internal Revenue Code; and(11)(b) other organizations that are taxed as corporations for federal income tax purposes under the Internal Revenue Code. See Utah Code 59-7-101
- Deficiency: is a s defined in Section
59-1-1402 . See Utah Code 59-1-101- Income: includes losses. See Utah Code 59-7-101
- return: includes a combined report. See Utah Code 59-7-101
- Statute: A law passed by a legislature.
- taxable year: includes the period for which such return is made. See Utah Code 59-7-101
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
- Utah net loss: means the current year Utah taxable income before Utah net loss deduction, if determined to be less than zero. See Utah Code 59-7-101
(2)(2)(a) Subject to Subsection (2)(b), a claim for credit or refund of an overpayment that is attributable to a Utah net loss carry forward shall be filed within three years from the due date of the return for the taxable year of the Utah net loss.(2)(b) The three-year period described in Subsection (2)(a) shall be extended by any extension of time provided in statute for filing the return described in Subsection (2)(a).(3) The commission shall make a credit against or refund of any overpayment of a tax under this chapter for a taxable year if, in accordance with Section 59-7-519:(3)(a)(3)(a)(i) a corporation agrees with the commissioner of internal revenue for an extension, or a renewal of an extension, of the period for proposing and assessing a deficiency in federal income tax for that taxable year; or(3)(a)(ii) there is a change in or correction of federal taxable income for that taxable year; and(3)(b) the corporation files a claim for the credit or refund before the expiration of the time period within which the commission may assess a deficiency.(4) The commission shall make a credit or refund within a 30-day period after the day on which a court’s decision to require the commission to credit or refund the amount of an overpayment to a taxpayer is final. - Deficiency: is a s defined in Section