N.Y. General City Model 772/66 § 134: Overpayment

§ 134. Overpayment. (a) General.--The director of finance, within the

applicable period of limitations, may credit an overpayment of income

tax and interest on such overpayment against any liability in respect of

any tax imposed by this title or by titles on the person who made the

overpayment, and the balance shall be refunded.

(b) Credits against estimated tax.--The director of finance may

prescribe regulations providing for the crediting against the estimated

income tax for any taxable year of the amount determined to be an

overpayment of the income tax for a preceding taxable year. If any

overpayment of income tax is so claimed as a credit against estimated

tax for the succeeding taxable year, such amount shall be considered as

a payment of the income tax for the succeeding taxable year (whether or

not claimed as a credit in the declaration of estimated tax for such

succeeding taxable year), and no claim for credit or refund of such

overpayment shall be allowed for the taxable year for which the

overpayment arises.

(c) Rule where no tax liability.--If there is no tax liability for a

period in respect of which an amount is paid as income tax, such amount

shall be considered an overpayment.

(d) Assessment and collection after limitation period.--If any amount

of income tax is assessed or collected after the expiration of the

period of limitations properly applicable thereto, such amount shall be

considered an overpayment.