2012 New York Consolidated Laws
TAX - Tax
Article 31 - (1400 - 1421) REAL ESTATE TRANSFER TAX
1416 - Interest and civil penalties.


NY Tax L § 1416 (2012) What's This?
 
    §  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.

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