Current Status Bill Number:342 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970211 Primary Sponsor:Leatherman All Sponsors:Leatherman Drafted Document Number:dka\4035mm.97 Companion Bill Number:3556 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax assessments, time limit for filing claim for credit or refund, income, Taxation
Body Date Action Description Com Leg Involved
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Senate 19970211 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-54-85, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TIME LIMITS FOR ASSESSMENT OF TAXES, SO AS TO DELETE REFERENCES TO FEES AND TO CLARIFY THE TIME LIMIT FOR FILING A CLAIM FOR CREDIT OR REFUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-54-85(A), (B), (C), and (F) of the 1976 Code, as last amended by Act 456 of 1996, is further amended to read:
"(A) Except as otherwise provided in this section, the amount of taxes or fees due under laws administered by the department must be determined and assessed within thirty-six months from the date the return or document was filed or due to be filed, whichever is later.
(B) Except as otherwise provided in this section, if the tax or fee is not required to be remitted with a return or document, the amount of taxes or fees due the State of South Carolina under laws administered by the department must be determined and assessed within thirty-six months after the date on which any part of the tax or fee was paid.
(C) The department Taxes may be determine determined and assess taxes and fees after the thirty-six month limitation if:
(1) in the case of income, estate and generation skipping transfer taxes, the taxes are assessed within one hundred eighty days of receiving notice from the Internal Revenue Service of a final determination of a tax adjustment made by the Internal Revenue Service.;
(2) there is fraudulent intent to evade the taxes or fees.;
(3) the taxpayer failed to file a return or document as required by law.;
(4) there is a twenty percent understatement of the total taxes and fees required to be shown on the return or document. The taxes or fees in this case may be assessed at any time within seventy-two months from the date the return or document was filed or due to be filed, whichever is later.:
(5) the person liable for any taxes or fees administered by the department consents in writing, before the expiration of the time prescribed in this section for assessing taxes or fees due, to the assessment of the taxes or fees after the time prescribed by this section.
(F)(1) Except as provided in subsection (D) above, claims for credit or refund must be filed within three years of the time the timely filed return, including extensions, was filed, or two years from the date of payment, whichever is later. If no return was filed, a claim for refund must be filed within two years from the date of payment.
(2) If the claim was filed by the taxpayer during the three-year period prescribed in item (1), the amount of the credit or refund may not exceed the portion of the tax paid within the period, immediately preceding the filing of the claim, equal to three years plus the period of any extension of time for filing the return.
(3) If the claim was not filed within the three-year period, the amount of the credit or refund may not exceed the portion of the tax paid during the two years immediately preceding the filing of the claim.
(4) If no claim was filed, the credit or refund may not exceed the amount which would be allowable under item (2) or (3), as the case may be, as if a claim were filed on the date the credit or refund is allowed.
(6)(5) For the purposes of this subsection:
(a) Any A return filed before the last day prescribed for the filing is considered as filed on the last day. Payment of any portion of the tax made before the last day prescribed for the payment of the tax is considered made on the last day. The last day prescribed for filing the return or paying the tax must be determined without regard to any extension of time.
(b) Any tax actually withheld at the source in respect of the recipient of income, is considered to have been paid by the recipient on the last day prescribed for filing his return for the taxable year, determined without regard to any extension of time for filing the return, with respect to which the taxpayer would be allowed a credit for the amount withheld.
(c) Any amount paid as estimated income tax for any taxable year is considered to have been paid on the last day prescribed for filing the return for the taxable year, determined without regard to any extension of time for filing the return."
SECTION 2. This act takes effect upon approval by the Governor.