§ 78. Limitations on credit or refund. 1. General.--Claim for credit\nor refund of an overpayment of tax under any of the named parts shall be\nfiled by the taxpayer within three years from the time the return was\nfiled or two years from the time the tax was paid, whichever of such\nperiods expires the later, or if no return was filed, within two years\nfrom the time the tax was paid. If the claim is filed within the three\nyear period, the amount of the credit or refund shall not exceed the\nportion of the tax paid within the three years immediately preceding the\nfiling of the claim plus the period of any extension of time for filing\nthe return. If the claim is not filed within the three year period, but\nis filed within the two year period, the amount of the credit or refund\nshall not exceed the portion of the tax paid during the two years\nimmediately preceding the filing of the claim. Except as otherwise\nprovided in this section, if no claim is filed, the amount of a credit\nor refund shall not exceed the amount which would be allowable if a\nclaim had been filed on the date the credit or refund is allowed. For\nspecial restriction in a proceeding on a claim for refund of tax paid\npursuant to an assessment made as a result of (a) a net operating loss\ncarryback, or (b) an increase or decrease in federal taxable income or\nfederal tax, or (c) a federal change or correction or renegotiation, or\ncomputation or recomputation of tax, which is treated in the same manner\nas if it were a deficiency for federal income tax purposes, see\nparagraph (g) of subdivision three of section seventy-four.\n 2. Extension of time by agreement.--If an agreement under the\nprovisions of paragraph (b) of subdivision three of section seventy-four\n(extending the period for assessment of tax) is made within the period\nprescribed in subdivision one for the filing of a claim for credit or\nrefund, the period for filing a claim for credit or refund, or for\nmaking credit or refund if no claim is filed, shall not expire prior to\nsix months after the expiration of the period within which an assessment\nmay be made pursuant to the agreement or any extension thereof. The\namount of such credit or refund shall not exceed the portion of the tax\npaid after the execution of the agreement and before the filing of the\nclaim or the making of the credit or refund, as the case may be, plus\nthe portion of the tax paid within the period which would be applicable\nunder subdivision one if a claim had been filed on the date the\nagreement was executed.\n 3. Notice of change or correction of fedearl income.--If a taxpayer is\nrequired by part two or part three of this title to file a report or\namended return in respect of (a) a decrease or increase in federal\ntaxable income or federal tax, or (b) a federal change or correction or\nrenegotiation, or computation or recomputation of tax, which is treated\nin the same manner as if it were an overpayment for federal income tax\npurposes, claim for credit or refund of any resulting overpayment of tax\nshall be filed by the taxpayer within two years from the time such\nreport or amended return was required to be filed with the commissioner\nof finance. If the report or amended return required by part two or part\nthree of this title is not filed within the ninety day period therein\nspecified, interest on any resulting refund or credit shall cease to\naccrue after such ninetieth day. The amount of such credit or refund--\n (c) shall be computed without change of the allocation of income or\ncapital upon which the taxpayer's return (or any additional assessment)\nwas based, and\n (d) shall not exceed the amount of the reduction in tax attributable\nto such decrease or increase in federal taxable income or federal tax or\nto such federal change or correction or renegotiation, or computation or\nrecomputation of tax.\n This subdivision shall not affect the time within which or the amount\nfor which a claim fo
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