TIMING OF INCOME TAX REFUNDS AND PAYMENT DEPOSITS (32.069, 136.110, 143.811)

Currently, interest begins accruing 90 days after April 15th on personal income tax refunds that have not been remitted to taxpayers. This act species that interest begins accruing within 45 days of the return being filed.

This act also require the Department of Revenue to deposit any payments received within 2 business days of receipt.

These provisions are similar to SB 350 (2015). These provisions are similar to provisions in SCS/HCS/HB 299 (2015) and SS/SCS/HCS/HBs 517 & 754 (2015).

STATUTE OF LIMITATIONS ON REFUNDS AND CREDITS (143.801)

This act allows a taxpayer to claim a credit or refund for overpayment of income taxes after the statute of limitations for making a claim has expired if the taxpayer amends or the IRS changes the taxpayer's federal income tax return after such period of time has expired. The taxpayer must make a claim for a credit or refund within one year of the amendment or changes.

This provision is similar to SB 115 (2015). This provision is similar to a provision in SCS/HCS/HB 299 (2015), SCS/HCS/HBs 517 & 754 (2015), and the perfected version of HCS/HB 268 (2015). This provision is also similar in concept to HB 1048 (2014) and a provision in HB 1174 (2014).

INCOME TAX REFUND DEPOSITS INTO MOST ACCOUNTS (143.1028)

This act allows taxpayers to have a portion of their income tax refund deposited into Missouri Higher Education Savings Plan Accounts. Taxpayers may also make deposits into such accounts by submitting an additional amount with their tax payment.

This provision is similar to HB 1060 (2015) and to a provision in HCS/SB 364 (2015).

MIKE HAMMANN