N.Y. General City Model 772/66 § 77: Overpayment

§ 77. Overpayment. 1. General.--The director of finance, within the

applicable period of limitations, may credit an overpayment of tax and

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

imposed by any of the named parts of this title or on the taxpayer who

made the overpayment, and the balance shall be refunded out of the

proceeds of the tax.

2. Credits against estimated tax.--The director of finance may

prescribe regulations providing for the crediting against the estimated

tax under part two or part three of this title for any taxable year of

the amount determined to be an overpayment of tax under any such part

for a preceding taxable year. If any overpayment of 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 tax under part two or

part three of this title 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.

3. Rule where no tax liability.--If there is no tax liability for a

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

be considered an overpayment.

4. Assessment and collection after limitation period.--If any amount

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

limitations properly applicable thereto, such amount shall be considered

an overpayment.

5. Assignment of overpayment.--A credit for an overpayment of tax

under any of the named parts may be assigned by the taxpayer to a

corporation liable to pay taxes under any of the named parts, and the

assignee of the whole or any part of such credit, on filing such

assignment with the director of finance, shall thereupon be entitled to

credit upon the books of the director of finance for the amount thereof

on its current account for taxes, in the same manner and to the same

effect as though the credit had originally been allowed in its favor.

6. Notwithstanding any other provision of law to the contrary, the

procedures for the enforcement of money judgments shall not apply to the

department of finance, or to any officer or employee of such department,

as a garnishee, with respect to any amount of money to be refunded or

credited to a taxpayer under this title.