§ 58.1-1833. Interest on overpayments or improper collection.
A. Interest shall be allowed and paid upon the overpayment of any taxadministered by the Department, the refund of which is permitted or requiredunder the provisions of this article, or on moneys improperly collected fromthe taxpayer and refunded pursuant to § 58.1-1822, at a rate equal to therate of interest established pursuant to § 58.1-15. Such interest shallaccrue from a date sixty days after payment of the tax, or sixty days afterthe last day prescribed by law for such payment, whichever is later, andshall end on a date determined by the Department preceding the date of therefund check by not more than thirty days. Notwithstanding the above, any taxrefunded pursuant to a court order or otherwise as a result of an erroneousassessment shall bear interest from the date the assessment was paid. Nointerest will be paid on sales taxes refunded to a dealer unless the dealeragrees to pass such interest on to the purchaser.
B. 1. Notwithstanding the provisions of subsection A, if an individualoverpays his individual income tax, the overpayment was for individual incometaxes for the immediately preceding taxable year, and the overpayment has notbeen refunded, then interest shall accrue on the amount of the overpayment,beginning:
(i) thirty days after payment of such tax if the individual filed hisindividual income tax return via electronic means; or
(ii) sixty days after payment of such tax if the individual filed hisindividual income tax return using a method other than electronic means.
In no case shall interest be paid for the overpayment of the same taxpursuant to this subsection and subsection A.
2. For the purposes of this subsection, interest shall accrue at a rate equalto the rate of interest established pursuant to § 58.1-15. Such interestshall end on a date determined by the Department preceding the date of therefund check by not more than seven days.
C. For purposes of this section:
1. Any individual income tax deducted and withheld at the source and paid tothe Department, and any amount paid as estimated tax, shall be deemed to havebeen paid on the day on which the return for such year's income was filed;
2. Any corporate or estate and trust income tax deducted and withheld at thesource and paid to the Department, and any amount paid as estimated tax,shall be deemed to have been paid on the day on which the return for suchyear's income was filed, or the last day prescribed by law for filing suchreturn, whichever is later; and
3. Any overpayment of tax resulting from the carry-back of a net operatingloss or net capital loss shall be deemed to have been made on the day onwhich the return for the year in which the loss occurred was filed, or thelast day prescribed by law for such filing, whichever is later.
(Code 1950, § 58-1140.1; 1973, c. 446; 1974, c. 425; 1976, c. 456; 1980, c.663; 1984, c. 675; 2002, cc. 184, 462.)
§ 58.1-1833. Interest on overpayments or improper collection.
A. Interest shall be allowed and paid upon the overpayment of any taxadministered by the Department, the refund of which is permitted or requiredunder the provisions of this article, or on moneys improperly collected fromthe taxpayer and refunded pursuant to § 58.1-1822, at a rate equal to therate of interest established pursuant to § 58.1-15. Such interest shallaccrue from a date sixty days after payment of the tax, or sixty days afterthe last day prescribed by law for such payment, whichever is later, andshall end on a date determined by the Department preceding the date of therefund check by not more than thirty days. Notwithstanding the above, any taxrefunded pursuant to a court order or otherwise as a result of an erroneousassessment shall bear interest from the date the assessment was paid. Nointerest will be paid on sales taxes refunded to a dealer unless the dealeragrees to pass such interest on to the purchaser.
B. 1. Notwithstanding the provisions of subsection A, if an individualoverpays his individual income tax, the overpayment was for individual incometaxes for the immediately preceding taxable year, and the overpayment has notbeen refunded, then interest shall accrue on the amount of the overpayment,beginning:
(i) thirty days after payment of such tax if the individual filed hisindividual income tax return via electronic means; or
(ii) sixty days after payment of such tax if the individual filed hisindividual income tax return using a method other than electronic means.
In no case shall interest be paid for the overpayment of the same taxpursuant to this subsection and subsection A.
2. For the purposes of this subsection, interest shall accrue at a rate equalto the rate of interest established pursuant to § 58.1-15. Such interestshall end on a date determined by the Department preceding the date of therefund check by not more than seven days.
C. For purposes of this section:
1. Any individual income tax deducted and withheld at the source and paid tothe Department, and any amount paid as estimated tax, shall be deemed to havebeen paid on the day on which the return for such year's income was filed;
2. Any corporate or estate and trust income tax deducted and withheld at thesource and paid to the Department, and any amount paid as estimated tax,shall be deemed to have been paid on the day on which the return for suchyear's income was filed, or the last day prescribed by law for filing suchreturn, whichever is later; and
3. Any overpayment of tax resulting from the carry-back of a net operatingloss or net capital loss shall be deemed to have been made on the day onwhich the return for the year in which the loss occurred was filed, or thelast day prescribed by law for such filing, whichever is later.
(Code 1950, § 58-1140.1; 1973, c. 446; 1974, c. 425; 1976, c. 456; 1980, c.663; 1984, c. 675; 2002, cc. 184, 462.)
§ 58.1-1833. Interest on overpayments or improper collection.
A. Interest shall be allowed and paid upon the overpayment of any taxadministered by the Department, the refund of which is permitted or requiredunder the provisions of this article, or on moneys improperly collected fromthe taxpayer and refunded pursuant to § 58.1-1822, at a rate equal to therate of interest established pursuant to § 58.1-15. Such interest shallaccrue from a date sixty days after payment of the tax, or sixty days afterthe last day prescribed by law for such payment, whichever is later, andshall end on a date determined by the Department preceding the date of therefund check by not more than thirty days. Notwithstanding the above, any taxrefunded pursuant to a court order or otherwise as a result of an erroneousassessment shall bear interest from the date the assessment was paid. Nointerest will be paid on sales taxes refunded to a dealer unless the dealeragrees to pass such interest on to the purchaser.
B. 1. Notwithstanding the provisions of subsection A, if an individualoverpays his individual income tax, the overpayment was for individual incometaxes for the immediately preceding taxable year, and the overpayment has notbeen refunded, then interest shall accrue on the amount of the overpayment,beginning:
(i) thirty days after payment of such tax if the individual filed hisindividual income tax return via electronic means; or
(ii) sixty days after payment of such tax if the individual filed hisindividual income tax return using a method other than electronic means.
In no case shall interest be paid for the overpayment of the same taxpursuant to this subsection and subsection A.
2. For the purposes of this subsection, interest shall accrue at a rate equalto the rate of interest established pursuant to § 58.1-15. Such interestshall end on a date determined by the Department preceding the date of therefund check by not more than seven days.
C. For purposes of this section:
1. Any individual income tax deducted and withheld at the source and paid tothe Department, and any amount paid as estimated tax, shall be deemed to havebeen paid on the day on which the return for such year's income was filed;
2. Any corporate or estate and trust income tax deducted and withheld at thesource and paid to the Department, and any amount paid as estimated tax,shall be deemed to have been paid on the day on which the return for suchyear's income was filed, or the last day prescribed by law for filing suchreturn, whichever is later; and
3. Any overpayment of tax resulting from the carry-back of a net operatingloss or net capital loss shall be deemed to have been made on the day onwhich the return for the year in which the loss occurred was filed, or thelast day prescribed by law for such filing, whichever is later.
(Code 1950, § 58-1140.1; 1973, c. 446; 1974, c. 425; 1976, c. 456; 1980, c.663; 1984, c. 675; 2002, cc. 184, 462.)
