Interest on refunds and credits.
Upon the allowance of a credit or refund of any tax erroneously or illegally assessed or collected, or of any penalty collected without authority, or of any sum which was excessive or in any manner wrongfully collected, interest shall be allowed and paid on the amount of such credit or refund at the rate provided in section 63-3045, Idaho Code, from the date such tax, penalty, or sum was paid or from the date the return was required to be filed, whichever date is the later, to the date of the allowance of the refund, or in the case of a credit, to the due date of the amount against which the credit is taken; provided, however, that in case of a voluntary and unrequested payment in excess of actual tax liability, no interest shall be allowed when such excess is refunded or credited.
Interest on refunds resulting from net operating loss carryback claims or from capital loss carryback claims shall be computed from the last day of the taxable year in which the net operating loss or capital loss arises.
Notes of Decisions
Greenwade v. Idaho State Tax Comm'n, 808 P.2d 420 (Idaho Ct. App. 1991).
· cites it 2× “§ 63-3072, which provides a three-year time limit for claiming credits or refunds and authorizes the state tax commission “to credit or remit, refund, and pay back all taxes and penalties erroneously or illegally assessed or collected,____” We note that the three-year time limit…”
Am. Oil Co. v. Neill, 414 P.2d 206 (Idaho 1966).
· cites it 2× “§ 63-2202, refunds of sums collected by counties for taxes), no statute has been called to the attention Of this court authorizing payment of interest on the funds'involved herein; plaintiff. in; its brief recognized the absence of statutory authority in this regard, when it…”
Idaho State Tax Comm'n v. Railbox Co., 782 P.2d 32 (Idaho 1989).
· cites it 2× “See I.C. § 63-3073. Accordingly, we affirm the decision of the district court determining the assessed value of the Railbox property.”
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