Arkansas Governor Signs Law Clarifying Statute of Limitations for Taxpayer to File Amended Tax Return

The Arkansas Governor April 10 signed a law clarifying the statute of limitations for a taxpayer to file an amended tax return for individual income tax purposes. The law includes measures: 1) explaining that taxpayer should file an amended return within three years from the time the return was filed or two years from the time the tax was paid, whichever expires later; 2) clarifying that the limitation period applies regardless of whether the amended return would reduce taxpayer’s tax liability, entitle the taxpayer to a refund of state tax overpayment, amend the taxpayer’s return for any purpose; and 3) ...