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Peterson Proposes Biz Tax Refund- When Overcharged

 
Peterson Proposes Biz Tax Refund- When Overcharged
Posted January 16th, 2014 @ 6:28am

A few state lawmakers, including Senator Bob Peterson, of Sabina, have introduced legislation (Senate Bill 263 and House Bill 402) that would require the Ohio Department of Taxation to notify businesses when they overpay their taxes and provide automatic refunds in the form of credits toward future taxes.

Under current law, overpayment's may be refunded but only upon request and during the first three or four years. The newly introduced legislation would ensure that taxpayers are notified no later than 60 days before the end of that three- or four-year period.

Last year, the Inspector General found that the Ohio Department of Taxation failed to refund more than $30 million in state taxes overpaid by businesses.

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