CHAPTER NO. 595

SENATE BILL NO. 2243

By McNally, Atchley

Substituted for: House Bill No. 2228

By Walley, McDaniel

AN ACT To amend Tennessee Code Annotated, Section 67-1-1802, relative to the credit or refund of estimated taxes paid in excess of the actual liability established by the initial and subsequently filed tax return for the period.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 67-1-1802, subdivision (a)(1), is amended by inserting between the third and fourth sentences the following new language:

The commissioner is also authorized to automatically issue a credit or refund, without the necessity of the approval processes set out in this subsection (a), for the portion of estimated taxes paid in excess of the actual liability established by the initial and subsequently filed return for the tax period.

SECTION 2. This act shall take effect upon becoming law, the public welfare requiring it.

PASSED: February 19, 1998

APPROVED this 10th day of March 1998