§ 1087. Limitations on credit or refund.--(a) General.--Claim for\ncredit or refund of an overpayment of tax under article nine or nine-A\nshall be filed by the taxpayer within (i) three years from the time the\nreturn was filed, (ii) two years from the time the tax was paid or (iii)\nin the case of any overpayment arising from an erroneous denial by the\ndepartment of environmental conservation of a certification of\ncompletion pursuant to section 27-1419 of the environmental conservation\nlaw, two years from the time a final determination to the effect that\nsuch denial was erroneous is made and is no longer subject to judicial\nreview, whichever of such periods expires the latest, or if no return\nwas filed, within two years from the time the tax was paid. If the claim\nis filed within the three year period, the amount of the credit or\nrefund shall not exceed the portion of the tax paid within the three\nyears immediately preceding the filing of the claim plus the period of\nany extension of time for filing the return. If the claim is not filed\nwithin the three year period, but is filed within the two year period,\nthe amount of the credit or refund shall not exceed the portion of the\ntax paid during the two years immediately preceding the filing of the\nclaim. In the case of a claim for credit or refund filed within the\nperiod prescribed in paragraph (iii) of this subsection, the amount of\nthe credit or refund may exceed the portion of the tax paid within the\napplicable period specified in the two immediately preceding sentences,\nbut only to the extent of the amount of the overpayment attributable to\nthe denial described in such paragraph (iii). 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 (i) a net operating loss\ncarryback or capital loss carryback, or (ii) an increase or decrease in\nfederal taxable income or federal tax, or (iii) a federal change or\ncorrection or renegotiation, or computation or recomputation of tax,\nwhich is treated in the same manner as if it were a deficiency for\nfederal income tax purposes, see paragraph (7) of subsection (c) of\nsection one thousand eighty-three.\n (b) Extension of time by agreement.--If an agreement under the\nprovisions of paragraph (2) of subsection (c) of section one thousand\neighty-three (extending the period for assessment of tax) is made within\nthe period prescribed in subsection (a) for the filing of a claim for\ncredit or refund, the period for filing a claim for credit or refund, or\nfor making credit or refund if no claim is filed, shall not expire prior\nto six months after the expiration of the period within which an\nassessment may be made pursuant to the agreement or any extension\nthereof. The amount of such credit or refund shall not exceed the\nportion of the tax paid after the execution of the agreement and before\nthe filing of the claim or the making of the credit or refund, as the\ncase may be, plus the portion of the tax paid within the period which\nwould be applicable under subsection (a) if a claim had been filed on\nthe date the agreement was executed.\n (c) Notice of change or correction of federal income.-- If a taxpayer\nis required by subdivision three of section two hundred eleven or\nparagraph one of subdivision (e) of section fifteen hundred fifteen of\nthis chapter, to file a report or amended return in respect of (i) a\ndecrease or increase in federal taxable income or federal alternative\nminimum taxable income or federal tax, or (ii) a federal change or\ncorrection or renegotiation, or computation or recomputation of tax,\nwhich is treated in the same manner as if it were an overpayment for\nfederal income tax purposes, claim for
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