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).