Income tax, state; amended return notice, interest accrual period.

State income tax; amended return notice;interest accrual period. Provides that any taxpayer who is requiredto file an amended federal income tax return shall receive writtennotice from the Department of Taxation whether such requirement alsorequires the taxpayer to file an amended state tax return with the corresponding updated information. This written notice shall detailthe amount of additional taxes owed by the taxpayer, if any, as aresult of the amended federal filing and the amount of overpaymentthat shall be refunded to the taxpayer, if any, or a request forthe taxpayer's information needed by the Department to compute theamount of additional taxes owed or to be refunded. The bill shortensthe interest accrual period for good faith state income tax returnfilings with understatements of the amount owed to the period fromthe time a bill and notice of additional tax assessment is mailedby the Department of Taxation to a taxpayer until such assessmentis paid. Current law defines the interest accrual period as fromthe time the return was required by law to be filed until paid.