Legislation
SECTION 68
Interest on overpayment
General City (GCT) CHAPTER 21, ARTICLE 2-D, PART 1-6, PART 5
§ 68. Interest on overpayment.--(a) General.--Notwithstanding the
provisions of section three-a of the state general municipal law,
interest shall be allowed and paid as follows at the rate of six per
cent 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 administrator) 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.
No interest shall be allowed or paid if the amount thereof is less
than one dollar.
(b) Advance payment of tax, payment of estimated tax, and credit for
income tax withholding.--The provisions of subdivisions (h), (i) and (j)
of section sixty-seven 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 local law 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 local law results
from a carryback of a net operating loss, such overpayment shall be
deemed not to have been made prior to the close of the taxable year in
which such net operating loss arises.
(e) Cross-reference.--For provision terminating interest after failure
to file notice of federal change under section thirty-nine, see
subdivision (c) of section sixty-seven.
provisions of section three-a of the state general municipal law,
interest shall be allowed and paid as follows at the rate of six per
cent 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 administrator) 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.
No interest shall be allowed or paid if the amount thereof is less
than one dollar.
(b) Advance payment of tax, payment of estimated tax, and credit for
income tax withholding.--The provisions of subdivisions (h), (i) and (j)
of section sixty-seven 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 local law 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 local law results
from a carryback of a net operating loss, such overpayment shall be
deemed not to have been made prior to the close of the taxable year in
which such net operating loss arises.
(e) Cross-reference.--For provision terminating interest after failure
to file notice of federal change under section thirty-nine, see
subdivision (c) of section sixty-seven.