US Laws, Codes, Statutes & Cases

 
    §  11-528  Interest  on  overpayment. (a) 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 11-537 of this chapter,  or,
  if  no  rate  is  set,  at  the  rate  of six percent per annum upon any
  overpayment in respect of the tax imposed by this chapter:
    (1) from the date of the overpayment to the  due  date  of  an  amount
  against which a credit is taken; or
    (2)  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.
    (3) Late  and  amended  returns  and  claims  for  credit  or  refund.
  Notwithstanding paragraph one or two 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.
    (4)  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  three  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  not  be
  construed  as  limiting  or  mitigating  the  effect  of  any statute of
  limitations or any other provisions 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.
    (5) Amounts of less than one dollar. No interest shall be  allowed  or
  paid if the amount thereof is less than one dollar.
    (b)  Advance  payment  of  tax  and  payment  of  estimated  tax.  The
  provisions of subdivisions (h) and (i) of section 11-527 of this chapter
  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.
    (c)  Refund  within  three  months  of  claim  for overpayment. If any
  overpayment of tax imposed by  this  chapter  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 shall be considered as filed on such last day.

    (d)  Refund  of tax caused by carryback. For purposes of this section,
  if any overpayment of  tax  imposed  by  this  chapter  results  from  a
  carryback  of a net operating 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  arises. Such filing date shall be determined
  without  regard  to  extensions  of  time  to  file.  For  purposes   of
  subdivision  (c)  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.
    (e)  No interest until return in processible form. (1) For purposes of
  subdivisions (a) and (c) of this section, a return shall not be  treated
  as filed until it is filed in processible form.
    (2)  For purposes of paragraph one 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.
    (f)  Cross-reference.  For  provision  with  respect to interest after
  failure to file notice of federal or New York state change under section
  11-519 of this chapter, see subdivision (c) of section  11-527  of  this
  chapter.