LIMITATIONS ON CREDIT OR REFUND.

SEC. 82. LIMITATIONS ON CREDIT OR REFUND. (a) Period for Filing Claim.—The first sentence of section 6511 (a) (relating to period of limitation for filing claim for credit or refund) is amended to read as follows: “Claim for credit or refund of an overpayment of any tax imposed by this title in respect of which tax the taxpayer is required to file a return shall be filed by the taxpayer within 3 years from the time the return was filed or 2 years from the time the tax was paid, whichever of such periods expires the later, or if no return was filed by the taxpayer, within 2 years from the time the tax was paid.” (b) Limit on Amount of Credit or Refund.—The heading and the first sentence of subparagraph (A) of section 6511 (b) (2) (relating to limit on amount of credit or refund) are amended to read as follows: “(A) Limit where claim filed within 3-year period.—If the claim was filed by the taxpayer during the 3-year period prescribed in subsection (a), the amount of the credit or refund shall not exceed the portion of the tax paid within the period, immediately preceding the filing of the claim, equal to 3 years plus the period of any extension of time for filing the return.” (c) Correction of Heading.—The heading of section 6511 (b) (2) (B) is amended to read as follows: “(B) Limit where claim not filed within 3-year period.” (d) Net Operating Loss Carrybacks.—The first sentence of section 6511 (d) (2) (A) (relating to special period of limitation for credit or refund in case of net operating loss carrybacks) is amended by striking out “15th day of the 39th month” and inserting in lieu thereof “15th day of the 40th month (or 39th month, in the case of a corporation)”.