This text of New York § 68 (Interest on overpayment) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 68. Interest on overpayment.--
(a)General.--Notwithstanding the\nprovisions of section three-a of the state general municipal law,\ninterest shall be allowed and paid as follows at the rate of six per\ncent per annum upon any overpayment in respect of the tax imposed by\nthis title:\n (1) from the date of the overpayment to the due date of an amount\nagainst which a credit is taken; or\n (2) from the date of the overpayment to a date (to be determined by\nthe administrator) preceding the date of a refund check by not more than\nthirty days, whether or not such refund check is accepted by the\ntaxpayer after tender of such check to the taxpayer. The acceptance of\nsuch check shall be without prejudice to any right of the taxpayer to\nclaim any additional overpayment and interest there
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§ 68. Interest on overpayment.--(a) General.--Notwithstanding the\nprovisions of section three-a of the state general municipal law,\ninterest shall be allowed and paid as follows at the rate of six per\ncent per annum upon any overpayment in respect of the tax imposed by\nthis title:\n (1) from the date of the overpayment to the due date of an amount\nagainst which a credit is taken; or\n (2) from the date of the overpayment to a date (to be determined by\nthe administrator) preceding the date of a refund check by not more than\nthirty days, whether or not such refund check is accepted by the\ntaxpayer after tender of such check to the taxpayer. The acceptance of\nsuch check shall be without prejudice to any right of the taxpayer to\nclaim any additional overpayment and interest thereon.\n No interest shall be allowed or paid if the amount thereof is less\nthan one dollar.\n (b) Advance payment of tax, payment of estimated tax, and credit for\nincome tax withholding.--The provisions of subdivisions (h), (i) and (j)\nof section sixty-seven applicable in determining the date of payment of\ntax for purposes of determining the period of limitations on credit or\nrefund, shall be applicable in determining the date of payment for\npurposes of this section.\n (c) Income tax refund within three months of due date of tax.--If any\noverpayment of tax imposed by this local law is refunded within three\nmonths after the last date prescribed (or permitted by extension of\ntime) for filing the return of such tax or within three months after the\nreturn was filed, whichever is later, no interest shall be allowed under\nthis section on such overpayment.\n (d) Refund of income tax caused by carryback.--For purposes of this\nsection, if any overpayment of tax imposed by this local law results\nfrom a carryback of a net operating loss, such overpayment shall be\ndeemed not to have been made prior to the close of the taxable year in\nwhich such net operating loss arises.\n (e) Cross-reference.--For provision terminating interest after failure\nto file notice of federal change under section thirty-nine, see\nsubdivision (c) of section sixty-seven.\n