Adjusting county taxes after federal tax changes

(a) Any person required to report under HRS § 237D-7.5, must also respectively make reflective adjustments and report to the director. (b) Any return or amended return required by this section must be filed with the director within 90 days after the change, correction, adjustment, or recomputation is finally determined or an amended return is filed with the Internal Revenue Service. The return or amended return must be accompanied by a copy of the document issued by the United States notifying the taxpayer of the change, correction, adjustment, or recomputation. (c) The statutory period for the assessment of any deficiency or the determination of any refund attributable to the report required by this section shall not expire before the expiration of one year from the date the director is notified by the taxpayer or the Internal Revenue Service, whichever is earlier, of such a report as provided in subsection (a). Before the expiration of this one-year period, the director and the taxpayer may agree, in writing, to the extension of this period. The period so agreed upon may be further extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.