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To amend City Code § 26-298, concerning interest on refunds of tax payments, for the purpose of requiring the Department of Finance to notify taxpayers of admissions, lodging, and meals taxes and business, professional and occupational license taxes of any credits or overpayments on their accounts and invite the taxpayer to apply for a refund within 90 days of the credit becoming available.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That section 26-298 of the Code of the City of Richmond (2020) is hereby amended and reordained as follows:
Sec. 26-298. Interest on refunds.
(a) Whenever the Director of Finance determines that any taxes [due under this chapter] levied pursuant to Articles VIII, IX, X, or XV of this chapter have been erroneously assessed or that payments have been remitted in excess of the taxes due the City, the Director shall notify the affected taxpayer of the same within 90 days after such determination. Such notification shall also include instructions of how the taxpayer may apply for a refund.
(b) Upon application from a taxpayer for a refund of any tax levied pursuant to this Chapter, the Director shall refund [such] erroneous or excess tax payments with interest at the same rate as charged by the City for delinquent or omitted tax payments.
[(b)] (c) The interest on such tax refunds shall be calculated and paid as follows:
(1) Interest shall be calculated beginning from the date of the payment that created the refund or the due date of the tax, whichever is later, until the date of issuance of the refund to the taxpayer.
(2) No interest shall be paid on a refund that is made not more than 30 days from the date of the payment that created the refund or the due date of the tax, whichever is later.
§ 2. This ordinance shall be in force and effect upon adoption.