59-7-522.  Overpayments.

(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 :
(a) entities defined as corporations under Sections 7701(a) and 7704, Internal Revenue Code; and
(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) 

    (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.

    (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:

    (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

    (ii)  there is a change in or correction of federal taxable income for that taxable year; and

    (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.

    Amended by Chapter 3, 2018 Special Session 2

      Previous section
    Next section  
     Part 5 Contents