| 1 | The Finance & Tax Committee recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to limitations on claims for refund of |
| 7 | corporate income tax; amending s. 220.727, F.S.; revising |
| 8 | provisions for determining when a payment of estimated tax |
| 9 | is deemed paid for purposes of time limitations for refund |
| 10 | claims; providing for retroactive application; providing |
| 11 | an effective date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. Paragraph (b) of subsection (1) of section |
| 16 | 220.727, Florida Statutes, is amended to read: |
| 17 | 220.727 Limitations on claims for refund.-- |
| 18 | (1) Except as otherwise provided in this section: |
| 19 | (b) For purposes of this subsection, payments of estimated |
| 20 | tax shall be deemed paid either at the time the taxpayer files |
| 21 | its return under this code or at the time such return is |
| 22 | required to be filed under this code determined with without |
| 23 | regard to any extensions of time allowed to the taxpayer under |
| 24 | s. 213.055(2) or s. 220.222 for filing such return extension |
| 25 | thereof, whichever occurs first, and not at such earlier time as |
| 26 | such payments of estimated tax were actually made. This |
| 27 | paragraph shall apply retroactively to tax years beginning on or |
| 28 | after January 1, 2001. |
| 29 | Section 2. This act shall take effect July 1, 2005. |