§ 1088. Interest on overpayment.--(a) General.--Notwithstanding the\nprovisions of section sixteen of the state finance law, interest shall\nbe allowed and paid as follows at the overpayment rate set by the\ncommissioner of taxation and finance pursuant to section one thousand\nninety-six, or if no rate is set, at the rate of six percent per annum\nupon any overpayment in respect of the tax imposed by article nine or\nnine-a:\n (1) from the date of the overpayment to the due date of an amount\nagainst which a credit is taken;\n (2) from the date of the overpayment to a date (to be determined by\nthe commissioner) preceding the date of a refund check by not more than\nthirty days, whether or not such refund check is accepted by the\ntaxpayer after tender of such check to the taxpayer. The acceptance of\nsuch check shall be without prejudice to any right of the taxpayer to\nclaim any additional overpayment and interest thereon.\n (3) Late and amended returns and claims for credit or refund.\nNotwithstanding paragraph one or two of this subsection, in the case of\nan overpayment claimed on a return of tax which is filed after the last\ndate prescribed for filing such return (determined with regard to\nextensions), or claimed on an amended return of tax or claimed on a\nclaim for credit or refund, no interest shall be allowed or paid for any\nday before the date on which such return or claim is filed.\n (4) Interest on certain refunds. To the extent provided for in\nregulations promulgated by the commissioner of taxation and finance, if\nan item of income, gain, loss, deduction or credit is changed from the\ntaxable year or period in which it is reported to the taxable year or\nperiod in which it belongs and the change results in an underpayment in\na taxable year or period and an overpayment in some other taxable year\nor period, the provisions of paragraph three of this subsection with\nrespect to an overpayment shall not be applicable to the extent that the\nlimitation in such paragraph on the right to interest would result in a\ntaxpayer not being allowed interest for a length of time with respect to\nan overpayment while being required to pay interest on an equivalent\namount of the related underpayment. However, this paragraph shall not be\nconstrued as limiting or mitigating the effect of any statute of\nlimitations or any other provision of law relating to the authority of\nsuch commissioner to issue a notice of deficiency or to allow a credit\nor refund on an overpayment.\n (5) Amounts of less than five dollars. No interest shall be allowed or\npaid if the amount thereof is less than five dollars.\n (b) Advance payment of tax and estimated tax.--The provisions of\nsubsections (h) and (i) of section one thousand eighty-seven applicable\nin determining the date of payment of tax for purposes of determining\nthe period of limitations on credit or refund, shall be applicable in\ndetermining the date of payment for purposes of this section.\n (c) Tax refund within three months of claim for overpayment. (1) If\nany overpayment of tax imposed by article nine or nine-a is credited or\nrefunded within three months after the last date prescribed (or\npermitted by extension of time) for filing the return of such tax on\nwhich such overpayment was claimed or within three months after such\nreturn was filed, whichever is later, or within three months after an\namended return was filed claiming such overpayment or within three\nmonths after a claim for credit or refund was filed on which such\noverpayment was claimed, no interest shall be allowed under this section\non any such overpayment. For purposes of this subsection, any amended\nreturn or claim for credit or refund filed before the last day\nprescribed (or permitted by extension of time) for the filing of the\nreturn of tax for such year or period shall be considered as filed on\nsuch last day.\n (2) In the case of an overpayment of tax credited due to absence of\napplic
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