Louisiana Revised Statutes 47:263 – Overpayment arising from renegotiation of war contract
Terms Used In Louisiana Revised Statutes 47:263
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
Whenever the computation for any taxable year ending on or after September 1, 1940, of any tax imposed by this Chapter, includes profits, gains or income from a contract or contracts with the United States or any department, agency or instrumentality thereof or from any subcontract or subcontracts thereunder, and after the filing of the return or payment of the tax such profit, gain or income should be redetermined by renegotiation or repricing pursuant to the laws of the United States, upon the showing thereof by the taxpayer by the filing of a claim, the tax for said taxable year shall be recomputed on the basis of such redetermined profit, gain or income, and a credit or refund shall be allowed for any overpayment thereby appearing without regard to whether the settlement in the renegotiation or repricing proceedings was voluntary or involuntary. The period of limitation for claims for refund or credit under this Section shall be the period of limitation provided in La. Rev. Stat. 47:1623 or one year from the date of the final determination in the renegotiation or repricing proceedings, whichever of such periods expires the later; provided that the applicable period may be extended by an agreement in writing between the taxpayer and the collector.