(a) All taxes imposed by this Chapter shall be collectible, together with any interest and penalties thereon, by suit, as other debts of like amount are recoverable. Except in the case of fraud, omission of a substantial portion of income subject to this tax in excess of twenty-five percent (25%) of that required to be reported or failure to file a return, an additional assessment shall not be made after three (3) years from the time of payment of any tax due hereunder. However, in those cases in which the Commissioner of Internal Revenue and the taxpayer have executed a waiver of the Federal statute of limitation, the period within which an additional assessment may be made by the Director of Taxation shall be one (1) year from the time of the final determination of the Federal tax liability.
(b) Taxes erroneously paid shall not be refunded unless a claim for refund is made within three (3) years from the date of payment thereof or within three (3) months from the final determination of the Federal tax liability, whichever is later.