N.Y. Comp. Codes R. & Regs. tit. 20 § 415.6

Current through Register Vol. 46, No. 45, November 2, 2024

Section 415.6 - Interest on overpayments

Tax Law, §§ 171, 289-c(8), (9), 1096

(a) Pursuant to the provisions of subdivision twenty-sixth of section 171 of the Tax Law, interest on overpayments of tax will be paid by the Department of Taxation and Finance. Interest is computed and compounded daily at the overpayment rate set by the Commissioner of Taxation and Finance. Interest will not be paid if the amount thereof is less than one dollar. Moreover, interest will not be paid on any refund, credit, or reimbursement of tax unless provisions therefor are specifically provided in section 289-c of the Tax Law. For information regarding the overpayment rate of interest, see Part 2393 of this Title.

(b)

(1) Pursuant to section 289-c(8) of the Tax Law, interest is allowed and will be paid by the department on refunds granted distributors or purchasers of motor fuel as described in section 415.2(c) of this Part (motor fuel immediately exported from New York State). Interest accrues from the last date prescribed for filing the return on which the exportation was required to be reported to the Department of Taxation and Finance or the actual date of filing, whichever is later, to the date immediately preceding the date of the refund check. If the purchaser of motor fuel for exportation was not required to file a return, interest accrues from the date of the claim for refund (determined as described in section 413.3 of this Title). Provided, however, no interest is allowed or paid if the refund check is mailed within 30 days of the receipt of a claim for refund in a processible form.

(2) Pursuant to section 289-c(9) of the Tax Law, interest is allowed and will be paid by the department on reimbursements granted to any organization organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals as described in section 1116(a)(4) of the Tax Law, if such an organization is also eligible for a reimbursement of tax pursuant to section 289-c of such law. Interest accrues from the date of the application for reimbursement (determined as described in section 413.3 of this Title) to the date immediately preceding the date of the reimbursement check. Provided, however, no interest is allowed or paid if the reimbursement check is mailed within 45 days of the receipt of an application for reimbursement in a processible form.

(c) For purposes of subdivision (b) of this section, a claim for refund and an application for reimbursement are in a processible form if:

(1) such claim and application are filed on the form prescribed for such purposes; and

(2) such claim and application contain:

(i) the name, address and identifying number, if any, of the individual or entity requesting such refund or reimbursement;

(ii) the required signatures; and

(iii) sufficient information (as may be necessary or required) to permit the mathematical verification of the refund or reimbursement claimed (whether on the claim, application or on required attachments).

N.Y. Comp. Codes R. & Regs. Tit. 20 § 415.6