§ 1086 — Overpayment

New York § 1086

• Jurisdiction: New York
• Law TAX: Tax
• Art. 27: Corporate Tax Procedure and Administration

Text

§ 1086. Overpayment.--- (a) General.--The commissioner of taxation and\nfinance, within the applicable period of limitations, may credit an\noverpayment of tax and interest on such overpayment against any\nliability in respect of any tax imposed by the tax law on the taxpayer\nwho made the overpayment, or against any liability for a past-due\nlegally enforceable debt of which he is notified pursuant to section one\nhundred seventy-one-f of this chapter, or against any city of New York\ntax warrant judgment debt of which he is notified pursuant to section\none hundred seventy-one-l of this chapter, and the balance shall be\nrefunded by the comptroller out of the proceeds of the tax retained by\nhim for such general purpose. Provided, however, in the case of an\noverpayment claimed on a return or report, such refund shall be made\nonly if application therefor is made on such return or report. In the\nabsence of such application, the amount of such overpayment with respect\nto any taxable year shall be credited against, and considered as, a\npayment of tax liability with respect to such tax for the succeeding\ntaxable year and shall be credited against the estimated tax, if any,\nfor such year (whether or not claimed as a credit in the declaration of\nestimated tax for such succeeding taxable year). The commissioner shall\nnotify the taxpayer that such overpayment has been so credited, and the\ntaxpayer may, prior to the due date (without regard to extensions) of\nthe taxpayer's return or report for such succeeding taxable year, claim\na refund of such overpayment. Any refund under this section shall be\nmade only upon the filing of a return and upon a certificate of the\ncommissioner approved by the comptroller. The comptroller, as a\ncondition precedent to the approval of such a certificate, may examine\ninto the facts as disclosed by the return of the taxpayer who made the\noverpayment and other information and data available in the files of the\ncommissioner.\n (b) Credits against estimated tax.---The commissioner may prescribe\nregulations providing for the crediting against the estimated tax under\narticle nine-a for any taxable year of the amount determined to be an\noverpayment of tax under such article for a preceding taxable year. If\nany overpayment of tax is so claimed as a credit against estimated tax\nfor the succeeding taxable year, such amount shall be considered as a\npayment of the tax under article nine-a of this chapter for the\nsucceeding taxable year (whether or not claimed as a credit in the\ndeclaration of estimated tax for such succeeding taxable year), and no\nclaim for credit or refund of such overpayment shall be allowed for the\ntaxable year for which the overpayment arises, except upon request to\nthe commissioner on or before the last day prescribed for the filing of\nthe return for the succeeding taxable year, determined with regard to\nany extension of time granted. If good cause is shown for reversing the\ncredit, the commissioner may, in his or her discretion, credit the\noverpayment against a liability or refund the overpayment without\ninterest. Provided, the person who made the overpayment will not be\nrelieved of liability for any penalty imposed for a consequent\nunderpayment of estimated tax for the succeeding taxable year. The\ndecision of the commissioner to grant or deny the request is final and\nnot subject to further administrative or judicial review.\n (c) Rule where no tax liability.---If there is no tax liability for a\nperiod in respect of which an amount is paid as tax, such amount shall\nbe considered an overpayment.\n (d) Assessment and collection after limitation period.---If any amount\nof tax is assessed or collected after the expiration of the period of\nlimitations properly applicable thereto, such amount shall be considered\nan overpayment.\n (e) Assignment of overpayment.---A credit for an overpayment of tax\nunder article nine, nine-a, nine-b or nine-c may be assigned by the\ntaxpayer to a corporation liable to pay taxes under any of such\narticles, and the assignee of the whole or any part of such credit, on\nfiling such assignment with the tax commission, shall thereupon be\nentitled to credit upon the books of the tax commission for the amount\nthereof on its current account for taxes, in the same manner and to the\nsame effect as though the credit had originally been allowed in its\nfavor.\n