§ 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.