2006 New York Code - Interest On Underpayment.

 
    § 11-675 Interest on underpayment. 1. General. If any amount of tax is
  not paid on or before the last date prescribed in whichever of the named
  subchapters  is  applicable  for payment, interest on such amount at the
  underpayment rate set by the commissioner of finance pursuant to section
  11-687 of this subchapter, or, if no rate is set, at  the  rate  of  six
  percent  per  annum  shall be paid for the period from such last date to
  the date paid, whether or not any extension  of  time  for  payment  was
  granted. Interest under this subdivision shall not be paid if the amount
  thereof is less than one dollar.
    2.  Exception as to estimated tax. This section shall not apply to any
  failure to pay estimated tax under subchapter two or subchapter three of
  this chapter.
    3. Exception for mathematical error. No interest shall be  imposed  on
  any underpayment of tax due solely to mathematical error if the taxpayer
  files  a  return  within  the  time prescribed in whichever of the named
  subchapters is applicable (including any extension of time) and pays the
  amount of underpayment within three months after the due  date  of  such
  return, as it may be extended.
    4. Suspension of interest on deficiencies. If a waiver of restrictions
  on  assessment  of  a  deficiency has been filed by the taxpayer, and if
  notice and demand by the commissioner of finance  for  payment  of  such
  deficiency  is  not  made  within  thirty  days after the filing of such
  waiver, interest shall not be imposed on such deficiency for the  period
  beginning  immediately after such thirtieth day and ending with the date
  of notice and demand.
    5. Tax reduced by carry back. If the amount of  tax  under  subchapter
  two  for  any  taxable year is reduced by reason of a carryback of a net
  operating loss or a capital loss, such reduction in tax shall not affect
  the computation of interest under this section  for  the  period  ending
  with  the  filing  date  for the taxable year in which the net operating
  loss or capital loss  arises.  Such  filing  date  shall  be  determined
  without regard to extensions of time to file.
    6.  Interest treated as tax. Interest under this section shall be paid
  upon notice and demand and shall be assessed, collected and paid in  the
  same  manner  as the taxes under the named subchapters. Any reference in
  this subchapter to the tax imposed by the named subchapters, or  any  of
  them,  shall be deemed also to refer to interest imposed by this section
  on such tax.
    7. Interest on penalties or addition to tax. Interest shall be imposed
  under subdivision one in respect to any assessable penalty  or  addition
  to  tax  only  if such assessable penalty or addition to tax is not paid
  within ten days from the date of the notice and  demand  therefor  under
  subdivision  two  of  section  11-683  of  this  subchapter in such case
  interest shall be imposed only for the period  from  such  date  of  the
  notice and demand to the date of payment.
    8.  Payment  within  ten  days  after notice and demand. If notice and
  demand is made for payment  of  any  amount  under  subdivision  two  of
  section 11-683 of this subchapter, and if such amount is paid within ten
  days  after  the  date  of  such  notice and demand, interest under this
  section on the amount so paid shall not be imposed for the period  after
  the date of such notice and demand.
    9.  Limitation on assessment and collection. Interest prescribed under
  this section may be assessed and collected at any time during the period
  within which the tax or other amount to which such interest relates  may
  be assessed and collected respectively.
    10.  Interest  on erroneous refund. Any portion of tax or other amount
  which has been erroneously refunded, and which  is  recoverable  by  the
  commissioner  of  finance,  shall bear interest at the underpayment rate


  set by the commissioner of finance pursuant to section  11-687  of  this
  subchapter,  or, if no rate is set, at the rate of six percent per annum
  from the date of the payment of the refund, but only if it appears  that
  any  part of the refund was induced by fraud or a misrepresentation of a
  material fact.
    11. Satisfaction by credits. If any portion of a tax is  satisfied  by
  credit  of  an overpayment, then no interest shall be imposed under this
  section on the portion of the tax so satisfied  for  any  period  during
  which,  if  the  credit  had  not  been  made,  interest would have been
  allowable with respect to such overpayment.