N.Y. General City Model 772/66 § 79: Interest on overpayment

§ 79. Interest on overpayment. 1. 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 eighty-seven, or, if no rate is set, at

the rate of six percent per annum upon any overpayment in respect of the

tax imposed by any of the named parts:

(a) from the date of the overpayment to the due date of an amount

against which a credit is taken;

(b) 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.

(c) late returns. Notwithstanding paragraph (a) or (b) 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.

2. Advance payment of tax and estimated tax.--The provisions of

subdivisions eight and nine of section seventy-eight 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.

3. Tax refund within three months of due date of tax.--If any

overpayment of tax imposed by any of the named parts 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.

4. Refund of tax caused by carryback.--For purposes of this section,

if any overpayment of tax imposed by part two of 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 three 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.

5. No interest until return in processible form.--

(a) For purposes of subdivisions one and three of this section, a

return shall not be treated as filed until it is filed in processible

form.

(b) For purposes of paragraph (a) 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.

6. Cross reference.--For provision terminating interest after failure

to file a report or amended return under part two or part three, see

subdivision three of section seventy-eight.