House Journal: Page 1532: Monday, April 17, 2000
26 company for the purpose of continuing the business of
27 the corporation when all of the incidents of ownership
28 are owned by the same person or persons who were
29 stockholders of the corporation.
30 Sec. 15. Section 424.10, subsections 1 and 3, Code
31 Supplement 1999, are amended to read as follows:
32 1. As soon as practicable after a return is filed
33 and in any event within five three years after the
34 return is filed the department shall examine it,
35 assess and determine the charge due if the return is
36 found to be incorrect, and give notice to the
37 depositor of such the assessment and determination as
38 provided in subsection 2. The period for the
39 examination and determination of the correct amount of
40 the charge is unlimited in the case of a false or
41 fraudulent return made with the intent to evade the
42 charge or in the case of a failure to file a return.
43 If the determination that a return is incorrect is the
44 result of an audit of the books and records of the
45 depositor, the charge, or additional charge, if any is
46 found due, shall be assessed and determined and the
47 notice to the depositor shall be given by the
48 department within one year after the completion of the
49 examination of the books and records.
50 3. If the amount paid is greater than the correct
Page 8
1 charge, penalty, and interest due, the department
2 shall refund the excess, with interest after sixty
3 days from the date of payment at the rate in effect
4 under section 421.7, pursuant to rules prescribed by
5 the director. However, the director shall not allow a
6 claim for refund that has not been filed with the
7 department within five three years after the charge
8 payment upon which a refund is claimed became due, or
9 one year after the charge payment was made, whichever
10 time is later. A determination by the department of
11 the amount of charge, penalty, and interest due, or
12 the amount of refund for any excess amount paid, is
13 final unless the person aggrieved by the determination
14 appeals to the director for a revision of the
15 determination within sixty days from the date of the
16 notice of determination of charge, penalty, and
17 interest due or refund owing. The director shall
18 grant a hearing, and upon hearing the director shall
19 determine the correct charge, penalty, and interest
20 due or refund owing, and notify the appellant of the
21 decision by mail. The decision of the director is
22 final unless the appellant seeks judicial review of
23 the director's decision under section 424.13.
24 Sec. 16. Section 424.10, subsection 2, Code
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League of Women Voters of Iowa
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