SB 350 – Specifies when interest begins to accrue on tax refunds and requires the Department of Revenue to deposit payments within 2 days

• Sponsor: Schaefer
• LR Number: 1272S.01I
• Committee: Ways and Means
• Last Action: 3/19/2015 - Voted Do Pass S Ways and Means Committee
• Effective Date: August 28, 2015

Current Bill Summary

SB 350 - Currently, interest begins accruing 90 days after April 15th on personal income tax refunds that have not been remitted to taxpayers. This act requires the Department of Revenue to remit refunds within 45 days of the return being received by the Department. If the refund is remitted within that time period, no interest accrues. If the refund is not remitted within that time period, interest accrues from the date the Department received the return.

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

This act is similar to HB 811 (2015). This act is similar to provisions contained in SCS/HCS/HB 299 (2015) and SS/SCS/HCS/HBs 517 & 754 (2015).

MIKE HAMMANN