§ 79 — Interest on overpayment

§ 79. Interest on overpayment. 1. General.--Notwithstanding the\nprovisions of section three-a of the general municipal law, interest\nshall be allowed and paid as follows at the rate set by the commissioner\nof finance pursuant to section eighty-seven, or, if no rate is set, at\nthe rate of six percent per annum upon any overpayment in respect of the\ntax imposed by any of the named parts:\n (a) from the date of the overpayment to the due date of an amount\nagainst which a credit is taken;\n (b) from the date of the overpayment to a date (to be determined by\nthe commissioner of finance) preceding the date of a refund check by not\nmore than thirty days, whether or not such refund check is accepted by\nthe taxpayer after tender of such check to the taxpayer. The acceptance\nof such check shall be without prejudice to any right of the taxpayer to\nclaim any additional overpayment and interest thereon.\n (c) late returns. Notwithstanding paragraph (a) or (b) of this\nsubdivision, in the case of a return of tax which is filed after the\nlast date prescribed for filing such return (determined with regard to\nextensions), no interest shall be allowed or paid for any day before the\ndate on which the return is filed.\n No interest shall be allowed or paid if the amount thereof is less\nthan one dollar.\n 2. Advance payment of tax and estimated tax.--The provisions of\nsubdivisions eight and nine of section seventy-eight applicable in\ndetermining the date of payment of tax for purposes of determining the\nperiod of limitations on credit or refund, shall be applicable in\ndetermining the date of payment for purposes of this section.\n 3. Tax refund within three months of due date of tax.--If any\noverpayment of tax imposed by any of the named parts is refunded within\nthree months after the last date prescribed (or permitted by extension\nof time) for filing the return of such tax or within three months after\nthe return was filed, whichever is later, no interest shall be allowed\nunder this section on such overpayment.\n 4. Refund of tax caused by carryback.--For purposes of this section,\nif any overpayment of tax imposed by part two of this title results from\na carryback of a net operating loss, such overpayment shall be deemed\nnot to have been made prior to the filing date for the taxable year in\nwhich such net operating loss arises. Such filing date shall be\ndetermined without regard to extensions of time to file. For purposes of\nsubdivision three of this section any overpayment described herein shall\nbe treated as an overpayment for the loss year and such subdivision\nshall be applied with respect to such overpayment by treating the return\nfor the loss year as not filed before claim for such overpayment is\nfiled. The term "loss year" means the taxable year in which such loss\narises.\n 5. No interest until return in processible form.--\n (a) For purposes of subdivisions one and three of this section, a\nreturn shall not be treated as filed until it is filed in processible\nform.\n (b) For purposes of paragraph (a) of this subdivision, a return is in\na processible form if--\n (A) such return is filed on a permitted form, and\n (B) such return contains--\n (i) the taxpayer's name, address, and identifying number and the\nrequired signatures, and\n (ii) sufficient required information (whether on the return or on\nrequired attachments) to permit the mathematical verification of tax\nliability shown on the return.\n 6. Cross reference.--For provision terminating interest after failure\nto file a report or amended return under part two or part three, see\nsubdivision three of section seventy-eight.\n