A. As soon as practicable after the date specified in Sections 2205 and 2206 of this title, the Tax Commission shall examine the statements required by Sections 2205 and 2206 of this title, and shall determine:
1. The amount of money which should have been withheld and remitted by each railroad company; and
2. The total amount of taxes due from each freight line company, equipment company and mercantile company, including the amounts remitted by railroad companies, and the amount of tax, if any, due from each such company in addition to amounts remitted by railroad companies.
B. The Commission shall thereupon make demand of each railroad for any additional amounts required to be remitted by railroad companies, and shall notify each freight line company, equipment company and mercantile company of:
1. The total amount of taxes due from each such company for the next preceding twelve-month period ending December 31 or the period specified in Sections 2205 and 2206 of this title;
2. The amount of money remitted by the various railroad companies for the account of such company; and
3. The amount of additional taxes, if any, due to be paid by such company, or the amount, if any, due to be refunded.
C. All monies paid to the Commission by railroads for the account of freight line companies, equipment companies and mercantile companies shall be segregated by the Commission and held in its depository account with the State Treasurer until the companies for whose account such monies are paid shall have had an opportunity to file protest as provided by Section 221 of this title, and if such protest is filed an opportunity to notify the Commission that the tax is paid under protest and the taxpayer intends to file suit for recovery, as provided by Section 226 of this title.
D. In any case where protest is not filed within thirty (30) days from the mailing of the notices herein required, the monies paid by railroad companies for the account of others shall be released and apportioned to the proper fund.
Added by Laws 1939, p. 419, § 7, emerg. eff. April 15, 1939. Renumbered from § 805f by Laws 1965, c. 215, § 1. Amended by Laws 1994, c. 278, § 23, eff. Sept. 1, 1994.
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