Section 40-18-39.1 – Business Interest Expense Deduction Limitations.
Section 40-18-39.1 Business interest expense deduction limitations. (a) For a tax year in which the business interest expense deduction of the taxpayer, or of any federal consolidated return group of which the taxpayer is a member, is not limited pursuant to 26 U.S.C. § 163(j) on the federal income tax return for the tax year, […]
Section 40-18-61 – Restaurant Revitalization Grant Monies.
Section 40-18-61 Restaurant revitalization grant monies. For tax years ending after March 11, 2021, the date of enactment of the federal American Rescue Plan Act, any amount received from the Administrator of the Small Business Administration in the form of a restaurant revitalization grant under Section 5003 of the American Rescue Plan Act shall be […]
Section 40-18-40 – Tax to Be Reported on Forms; Department May Assess Additional Tax Penalty or Interest.
Section 40-18-40 Tax to be reported on forms; department may assess additional tax penalty or interest. The income tax provided in this chapter shall be reported on forms as prescribed by the department. The failure to receive such form from the department shall not relieve a taxpayer from liability for any tax penalty or interest […]
Section 40-18-41 – Amortization of Ad Valorem Tax.
Section 40-18-41 Amortization of ad valorem tax. Any surplus remaining from the proceeds of the tax imposed by this chapter after providing for interest and installment annual payments or annual amortization installments on the current debts of the state as of September 30, 1932, shall be applied to the reduction of the ad valorem state […]
Section 40-18-42 – Time and Methods of Payment of Tax.
Section 40-18-42 Time and methods of payment of tax. (a) Time of payment for individuals. In the case of individuals, the total balance of the tax owed after credits for taxes paid through withholding as provided in Section 40-18-78, or through estimated payments as provided in Sections 40-18-82 and 40-18-83, shall be due and payable […]
Section 40-18-42.1 – Revised Due Dates for Payments of Income Tax or Financial Institution Excise Tax.
Section 40-18-42.1 Revised due dates for payments of income tax or financial institution excise tax. (a) This section shall be known and may be cited as the David E. Scott Tax Filing Act of 2021. (b)(1) Notwithstanding anything to the contrary in Chapter 16 or this chapter, payments of income tax or financial institution excise […]
Section 40-18-44 – Installment Method.
Section 40-18-44 Installment method. Income arising from an installment sale (including the sale by a dealer in personal property) may be reported in accordance with 26 U.S.C. §453, provided that the amendment made to said Section 453 by the Tax Reform Act of 1984 (Pub. L. No. 98-369), adding 26 U.S.C. §453(i), shall not apply. […]
Section 40-18-50 – Penalty for Failure to Make Return Within Time Specified.
Section 40-18-50 Penalty for failure to make return within time specified. Any person or corporation, joint stock company or association liable to income tax under this chapter, which shall fail to make return as required by this chapter within the time allowed, shall be guilty of a misdemeanor and on conviction thereof shall be fined […]
Section 40-18-51 – Applicability of Lien Provisions; Disposition of Collections; Collection Prior to Delinquency.
Section 40-18-51 Applicability of lien provisions; disposition of collections; collection prior to delinquency. In every respect herein specified in this chapter, returns for the levy and collection of the taxes herein provided for shall be subject to the lien provisions of this title. All income taxes collected by the Department of Revenue shall be as […]
Section 40-18-53 – Inspection of Returns by Federal or Foreign State Agents.
Section 40-18-53 Inspection of returns by federal or foreign state agents. All income tax returns filed under this chapter, or copies thereof on file with the State Department of Revenue, shall be open to inspection by officials or duly authorized agents of the Bureau of Internal Revenue lawfully charged with the administration or enforcement of […]