15-31-701. Department -- special duties for transmitting corporation license tax revenue collected from banks or savings and loan associations to counties. (1) The department shall transmit to the county treasurer the revenue calculated under 15-31-702(1)(b).
     (2) If the department determines, under the provisions of 15-31-503 and 15-31-531, that a bank or savings and loan association owes more taxes than shown on the original return or has paid more than the tax, penalty, or interest due in any year, it shall notify the bank or savings and loan association pursuant to 15-1-211. Review may be sought pursuant to 15-1-211.
     (3) The department shall continue to exercise all its duties and powers outlined in this title with respect to auditing returns and enforcing payment of the corporation license taxes owed by banks and savings and loan associations. The only duty of the county treasurers in this regard is distributing the taxes received pursuant to 15-31-702(1)(b) to local taxing jurisdictions.

     History: En. Sec. 5, Ch. 634, L. 1979; amd. Sec. 12, Ch. 811, L. 1991; amd. Sec. 2, Ch. 369, L. 1997.