TIP # 05C01-02
Refunds of Estimated Corporate Income Tax Payments
The 2005 Florida Legislature has amended Section 220.727(1)(b), Florida Statutes (F.S.), in order to extend the time in which a taxpayer may claim a refund of estimated corporate income tax payments.
The prior statute deemed estimated corporate income tax payments to be paid on the date the corporate income tax return was filed; or the original due date of the return, whichever was earlier, determined without regard to extensions of time to file. The new Section 220.727(1)(b), F.S., provides that for purposes of filing a claim for refund, estimated corporate income tax payments are deemed to be paid on the due date of the return, determined with regard to extensions of time to file. Therefore, if a corporation has overpaid the estimated corporate income tax payments, it has three years from the due date of the related Florida corporate income tax return, including valid extensions of time, to file its claim for refund under Section 215.26, F.S. The new Section 220.727(1)(b), F.S., is retroactive to tax years beginning on or after January 1, 2001.
This statutory change affects only the time in which a taxpayer may file a claim for refund of estimated corporate income tax payments. The requirements for making estimated corporate income tax payments and other provisions of Chapter 220 are unaffected by this statutory change.
Reference: Chapter 2005-178, Laws of Florida
FOR MORE INFORMATION
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
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For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.