Computation of credits; refunds; interest
Sec. 7. (a) As used in this section, the credit of a carrier for any
quarter is the amount by which the credit to which the carrier is
entitled under section 6 of this chapter for that quarter exceeds the
tax liability of the carrier under section 4 of this chapter for that
quarter.
(b) The credit for any quarter shall be allowed as a credit against
the tax for which the carrier would otherwise be liable in the quarter
in which the credit accrued.
(c) A carrier is entitled to the refund of any credit not previously
used to offset a tax liability or for any erroneously paid tax or
penalty. To obtain the refund, the carrier shall submit to the
department a properly completed application in accordance with
rules adopted by the department under IC 4-22-2. The application
must be submitted within three (3) years after the end of:
(1) the quarter in which the credit accrued; or
(2) the calendar year that contains the taxable period in which
the tax or penalty was erroneously paid.
Along with the application, the carrier shall submit any evidence
required by the department and any reports required by the
department under this chapter.
(d) The department shall pay interest on any part of a refund that
is not made within ninety (90) days after the date on which all of the
following have been completed:
(1) The filing of:
(A) the properly completed application for refund; or
(B) the quarterly return on which a refund is claimed.
(2) The submission of any evidence required by the department
of payment of the tax imposed under IC 6-6-1.1 or IC 6-6-2.5.
(3) The submission of reports required by the department under
this chapter.
(4) The furnishing of a surety bond, letter of credit, or cash
deposit under section 8 of this chapter.
(e) The department shall pay interest at the rate established under
IC 6-8.1-9 from the date of:
(1) the refund application;
(2) the due date of a timely filed quarterly return on which a
refund is claimed; or
(3) the filing date of a quarterly return on which a refund is
claimed, if the quarterly refund is filed after the due date of the
quarterly return;
to a date determined by the department that does not precede the date
on which the refund is made by more than thirty (30) days.
As added by Acts 1982, P.L.59, SEC.1. Amended by P.L.77-1985,
SEC.29; P.L.97-1987, SEC.39; P.L.96-1989, SEC.11; P.L.69-1991,
SEC.14; P.L.277-1993(ss), SEC.48.
Last modified: May 28, 2006