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.
Last modified: February 3, 2019