Title 15 . Revenue

Chapter 21 . (Repealed)

Section 720. Refunds

15 AAC 21.720. Refunds

(a) The department will refund to a taxpayer any overpayment of the taxpayer's tax for a year under this chapter on or before September 30 of the following year (in the case of a fiscal-year taxpayer, the last day of the ninth month after the month in which the taxpayer's fiscal year ended). The amount of the overpayment will be determined on the basis of the tax as determined by the department in its assessment under 15 AAC 21.700 for the year in question, unless the overpayment arises from a reduction in the assessment as the result of a subsequent audit by the department or a carryback of a later year's net loss under 15 AAC 21.070. In the case of such a reduction in a taxpayer's assessment, the refund by the department will equal that reduction. In addition, the department will simultaneously pay the taxpayer any interest due on the refund as computed in accordance with 15 AAC 21.730.

(b) At its option, the taxpayer may elect to have the department apply the amount of a refund (including any interest) under this section as a credit against future payments of tax coming due under this chapter, instead of remitting the refund to the taxpayer.

(c) A claim for credit or refund of a tax paid under AS 43.21 arising from a change in AS 43.21 retroactively applied, must be filed by the taxpayer within three years from the date the original return was due or filed, whichever is later.

History: Eff. 2/22/79, Register 69; am 3/26/82, Register 81

Authority: AS 43.05.080

AS 43.05.280

AS 43.21.070

AS 43.21.090

Sec. 20, ch. 116,

SLA 1981