N.Y. General City Model 772/66 § 136: Interest on overpayment

§ 136. 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 rate set by the commissioner

of finance pursuant to section one hundred forty-five, 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 title:

(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 returns. Notwithstanding paragraph one or two of this

subdivision, in the case of a return of tax which is filed after the

last date prescribed for filing such return (determined with regard to

extensions), no interest shall be allowed or paid for any day before the

date on which the return is filed.

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 one hundred

thirty-five 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) Income tax refund within three months of due date of tax.--If any

overpayment of tax imposed by this title is refunded within three months

after the last date prescribed (or permitted by extension of time) for

filing the return of such tax or within three months after the return

was filed, whichever is later, no interest shall be allowed under this

section on such overpayment.

(d) Refund of income tax caused by carryback.--For purposes of this

section, if any overpayment of tax imposed by this title 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 terminating interest after failure

to file notice of federal change under section one hundred twenty-seven,

see subdivision (c) of section one hundred thirty-five.