HB 1174 - 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 Department of Revenue examines the taxpayer's return after such period of time has expired. The Department must notify the taxpayer of the overpayment and the taxpayer must make a claim for a credit or refund within one year of notification. This provision is identical to HB 1048 (2014). This act creates an income tax deduction for the amount of capital gains income incurred by the resident from the exchange of gold or silver issued by the federal government. Such gold and silver held in an nonbank depository will not subject to disclosure except under warrant. The value of gold and silver held by a nonbank depository will be based on the London PM fix for that day. The act also repeals provisions making silver coins of the United States legal tender and limiting the amount that a payment may be made with silver coins. This provision is identical to SB 713 (2014) and HB 421 (2013).
MIKE HAMMANN