2006 New York Code - Interest On Overpayment.

 
    §  11-679  Interest  on  overpayment.  1. General. Notwithstanding the
  provisions of section three-a of the  general  municipal  law,  interest
  shall  be allowed and paid as follows at the overpayment 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 upon any
  overpayment  in  respect  to  the  tax  imposed  by  any  of  the  named
  subchapters:
    (a)  from  the  date  of  the overpayment to the due date of an amount
  against which a credit is taken;
    (b) from the date of the overpayment to a date (to  be  determined  by
  the commissioner of finance) preceding the date of a refund check by not
  more  than  thirty days, whether or not such refund check is accepted by
  the taxpayer after tender of such check to the taxpayer. The  acceptance
  of such check shall be without prejudice to any right of the taxpayer to
  claim any additional overpayment and interest thereon.
    (c)  Late  and  amended  returns  and  claims  for  credit  or refund.
  Notwithstanding paragraph (a) or (b) of this subdivision, in the case of
  an overpayment claimed on a return of tax which is filed after the  last
  date  prescribed  for  filing  such  return  (determined  with regard to
  extensions), or claimed on an amended return of  tax  or  claimed  on  a
  claim for credit or refund, no interest shall be allowed or paid for any
  day before the date on which such return or claim is filed.
    (d)  Interest  on  certain  refunds.  To  the  extent  provided for in
  regulations promulgated by the commissioner of finance, if  an  item  of
  income, gain, loss, deduction or credit is changed from the taxable year
  or period in which it is reported to the taxable year or period in which
  it  belongs  and the change results in an underpayment in a taxable year
  or period and an overpayment in some other taxable year or  period,  the
  provisions  of  paragraph  (c)  of  this  subdivision with respect to an
  overpayment shall not be applicable to the extent that the limitation in
  such paragraph on the right to interest would result in a  taxpayer  not
  being  allowed  interest  for  a  length  of  time  with  respect  to an
  overpayment while being required to pay interest on an equivalent amount
  of the related  underpayment.  However,  this  paragraph  shall  be  not
  construed  as  limiting  or  mitigating  the  effect  of  any statute of
  limitations or any other provision of law relating to the  authority  of
  such  commissioner  to issue a notice of deficiency or to allow a credit
  or refund of an overpayment.
    (e) Amounts of less than one dollar. No interest shall be  allowed  or
  paid if the amount thereof is less than one dollar.
    2.  Advance  payment  of  tax  and  estimated  tax.  The provisions of
  subdivisions eight  and  nine  of  section  11-678  of  this  subchapter
  applicable  in  determining  the  date of payment of tax for purposes of
  determining the period of limitations on  credit  or  refund,  shall  be
  applicable  in  determining  the  date  of  payment for purposes of this
  section.
    3. Tax refund within three months of claim  for  overpayment.  If  any
  overpayment  of  tax imposed by any of the named subchapters is credited
  or refunded within three months  after  the  last  date  prescribed  (or
  permitted  by  extension  of  time) for filing the return of such tax on
  which such overpayment was claimed or within  three  months  after  such
  return  was  filed,  whichever is later, or within three months after an
  amended return was filed  claiming  such  overpayment  or  within  three
  months  after  a  claim  for  credit  or  refund was filed on which such
  overpayment was claimed, no interest shall be allowed under this section
  on any such overpayment. For purposes of this subdivision,  any  amended
  return  or  claim  for  credit  or  refund  filed  before  the  last day
  prescribed (or permitted by extension of time) for  the  filing  of  the


  return  of  tax  for such year or period shall be considered as filed on
  such last day.
    4. Refund of tax caused by carryback. For purposes of this section, if
  any overpayment of tax imposed by subchapter two of this chapter results
  from  a  carryback  of  a net operating loss or a net capital loss, such
  overpayment shall be deemed not to have been made prior  to  the  filing
  date  for  the  taxable  year  in  which  such net operating loss or net
  capital loss arises. Such filing date shall be determined without regard
  to extensions of time to file. For purposes of subdivision three of this
  section  any  overpayment  described  herein  shall  be  treated  as  an
  overpayment for the loss year and such subdivision shall be applied with
  respect  to such overpayment by treating the return for the loss year as
  not filed before claim for such overpayment is  filed.  The  term  "loss
  year" means the taxable year in which such loss arises.
    5. No interest until return in processible form.
    (a)  For  purposes  of  subdivisions  one and three of this section, a
  return shall not be treated as filed until it is  filed  in  processible
  form.
    (b)  For purposes of paragraph (a) of this subdivision, a return is in
  a processible form if:
    (A) such return is filed on a permitted form, and
    (B) such return contains:
    (i) the taxpayer's name;  address,  and  identifying  number  and  the
  required signatures, and
    (ii)  sufficient  required  information  (whether  on the return or on
  required attachments) to permit the  mathematical  verification  of  tax
  liability shown on the return.
    6.  Cross  reference.  For  provision  with  respect to interest after
  failure to file a  report  of  federal  or  New  York  state  change  or
  correction  or  amended  return  under  subchapter  two  or  three,  see
  subdivision three of section 11-678 of this subchapter.