2020 New York Laws
TAX - Tax
Article 31 - Real Estate Transfer Tax
1416 - Interest and Civil Penalties.

§  1416.  Interest  and  civil  penalties.  (a) If the commissioner of
taxation and finance determines that there has been  an  overpayment  of
tax,  interest  at the overpayment rate set by the commissioner shall be
paid by the comptroller to the grantor or grantee, on  any  refund  paid
pursuant  to  the  provisions of section fourteen hundred twelve of this
article.  If  the  commissioner  determines  that  there  has  been   an
underpayment  of  tax,  the grantor or grantee shall pay interest to the
commissioner at the underpayment rate set by  the  commissioner  on  the
amount  of  any  tax  not  paid. The commissioner shall set the rates of
interest to be paid on underpayment and overpayment of the taxes imposed
by this article at the underpayment and overpayment  rates  of  interest
prescribed  in subsection (e) of section one thousand ninety-six of this
chapter.
  (b) Any grantor or grantee failing to file a return or to pay any  tax
within  the  time required by this article shall be subject to a penalty
of ten per centum of the amount of tax due plus an interest  penalty  of
two  per  centum  of  such  amount  for  each month of delay or fraction
thereof after the expiration of the first month after  such  return  was
required to be filed or such tax became due, such interest penalty shall
not  exceed twenty-five per centum in the aggregate. If the commissioner
of taxation and finance determines that such failure or delay was due to
reasonable cause and not due to willful neglect, the commissioner  shall
remit, abate or waive all of such penalty and such interest penalty.
  (c)  If  any  amount  of  tax  is  not paid on or before the last date
prescribed in section fourteen hundred ten of this chapter for  payment,
interest at the underpayment rate set by the commissioner on such amount
shall  be  paid for the period from such last date to the date paid. The
commissioner  shall  set  the  rate  of  interest  to  be  paid  at  the
underpayment  rate  of  interest prescribed in subsection (e) of section
one thousand ninety-six of this chapter. Interest under this subdivision
shall not be paid if the amount thereof is less than one dollar.
  (d) The penalties and interest provided for in this section  shall  be
paid   to  the  commissioner  of  taxation  and  finance  and  shall  be
determined, assessed, collected and distributed in the  same  manner  as
the tax imposed by this article and any reference to tax in this article
shall  be  deemed to refer to the penalties and interest imposed in this
section.