2. Limit on amount of claim or refund. If the claim is filed by the taxpayer during the 3-year period prescribed in subsection 1, the amount of the credit or refund shall may not exceed the portion of the tax paid within the 3 years immediately preceding the filing of the claim plus the period of any extension of time for filing the return. If the claim is not filed within such 3- year period, but is filed within the 2-year period, the amount of the credit or refund shall not exceed the portion of the tax paid during the 2 years immediately preceding the filing of the claim. If no claim is filed, the any credit or refund shall allowed upon an audit of the taxpayer may not exceed the amount which that would be allowable under either of the preceding sentences, as the case may be, if a claim was filed this subsection, if a claim had been filed by the taxpayer on the date the credit or refund is allowed.

Sec. B-11. Application. This Part applies to tax years beginning on or after January 1, 1996.

SUMMARY

This bill makes minor substantive changes to various laws concerning taxation.