A. Every taxpayer required to file a declaration and make payment of the estimated tax shall file and pay the same with the Commission. All such payments shall be deposited by the Commission into the state treasury.

B. If any taxpayer overestimates and overpays estimated tax, the Commission shall order a refund of the amount of the overpayment to the taxpayer. The overpayment shall be refunded out of the state treasury on the order of the Commission upon the Comptroller. The Commission may act under this subsection within two years from December 31 of the year in which such overpayment was made.

History

Code 1950, § 58-514.7; 1968, c. 15; 1984, c. 675; 1988, c. 899.