Legislation
SECTION 66
Overpayment
General City (GCT) CHAPTER 21, ARTICLE 2-D, PART 1-6, PART 5
§ 66. Overpayment.--(a) General.--The administrator, 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 local law or by any local law of the city which
imposes an unincorporated business income tax on the person who made the
overpayment, and the balance shall be refunded. Any refund under this
section shall be made only upon the filing of a return.
(b) Excessive withholding.--If the amount allowable as a credit for
tax withheld from the taxpayer exceeds his tax to which the credit
relates, the excess shall be considered an overpayment.
(c) Overpayment by employer.-- If there has been an overpayment of tax
required to be deducted and withheld under section fifty-one, refund
shall be made to the employer only to the extent that the amount of the
overpayment was not deducted and withheld by the employer.
(d) Credits against estimated tax.--The administrator 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.
(e) 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.
(f) 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.
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 local law or by any local law of the city which
imposes an unincorporated business income tax on the person who made the
overpayment, and the balance shall be refunded. Any refund under this
section shall be made only upon the filing of a return.
(b) Excessive withholding.--If the amount allowable as a credit for
tax withheld from the taxpayer exceeds his tax to which the credit
relates, the excess shall be considered an overpayment.
(c) Overpayment by employer.-- If there has been an overpayment of tax
required to be deducted and withheld under section fifty-one, refund
shall be made to the employer only to the extent that the amount of the
overpayment was not deducted and withheld by the employer.
(d) Credits against estimated tax.--The administrator 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.
(e) 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.
(f) 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.