N.Y. GCT Law § 67 — New York Code / Act GCT / Article 2-D / Part 1-6 / Part 5 / Section 25-A-67
Limitations on credit or refund
Status: in_force

§ 67. Limitations on credit or refund.--(a) General.--Claim for credit\nor refund of an overpayment of income tax shall be filed by the taxpayer\nwithin three years from the time the return was filed or two years from\nthe time the tax was paid, whichever of such periods expire the later,\nor if no return was filed, within two years from the time the tax was\npaid. If the claim is filed within the three year period, the amount of\nthe credit or refund shall not exceed the portion of the tax paid within\nthe three years immediately preceding the filing of the claim plus the\nperiod of any extension of time for filing the return. If the claim is\nnot filed within the three year period, but is filed within the two year\nperiod, the amount of the credit or refund shall not exceed the portion\nof the tax paid during the two years immediately preceding the filing of\nthe claim. Except as otherwise provided in this section, if no claim is\nfiled, the amount of a credit or refund shall not exceed the amount\nwhich would be allowable if a claim had been filed on the date the\ncredit or refund is allowed.\n  (b) Extension of time by agreement.--If an agreement under the\nprovisions of paragraph two of subdivision (c) of section sixty-three\n(extending the period for assessment of income tax)is made within the\nperiod prescribed in subdivision (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 subdivision (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 section thirty-nine to report a change or correction in\nfederal taxable income reported on his federal income tax return, or to\nreport a change or correction which is treated in the same manner as if\nit were an overpayment for federal income tax purposes, or to file an\namended return with the administrator, claim for credit or refund of any\nresulting overpayment of tax shall be filed by the taxpayer within two\nyears from the time the notice of such change or correction or such\namended return was required to be filed with the administrator. If the\nreport or amended return required by section thirty-nine is not filed\nwithin the ninety day period therein specified, interest on any\nresulting refund or credit shall cease to accrue after such ninetieth\nday. The amount of such credit or refund shall not exceed the amount of\nthe reduction in tax attributable to such federal change, correction or\nitems amended on the taxpayer's amended federal income tax return. This\nsubdivision shall not affect the time within which or the amount for\nwhich a claim for credit or refund may be filed apart from this\nsubdivision.\n  (d) Overpayment attributable to net operating loss carryback.--A claim\nfor credit or refund of so much of an overpayment as is attributable to\nthe application to the taxpayer of a net operating loss carryback shall\nbe filed within three years from the time the return was due for the\ntaxable year of the loss, or within the period prescribed in subdivision\n(b) in respect of such taxable year, or within the period prescribed in\nsubdivision (c), where applicable, in respect of the taxable year to\nwhich the net operating loss is carried back, whichever expires the\nlatest.\n  (e) Failure to file claim within prescribed period.--No credit or\nrefund shall be allowed or made, except as provided in subdivision (f)\nof this section or subdivision (d) of section seventy after the\nexpiration of the applicable period of limitation specified in this\nlocal law unless a claim for credit or refund is filed by the taxpayer\nwithin such period. Any later credit shall be void and any later refund\nerroneous. No period of limitations specified in any other law shall\napply to the recovery by a taxpayer of moneys paid in respect of taxes\nunder this local law.\n  (f) Effect of petition to administrator.--If a notice of deficiency\nfor a taxable year has been mailed to the taxpayer under section\nsixty-one and if the taxpayer files a timely petition with the\nadministrator under section sixty-nine, he may determine that the\ntaxpayer has made an overpayment for such year (whether or not it also\ndetermines a deficiency for such year). No separate claim for credit or\nrefund for such year shall be filed, and no credit or refund for such\nyear shall be allowed or made, except--\n  (1) as to overpayments determined by a decision of the administrator\nwhich has become final;\n  (2) as to any amount collected in excess of an amount computed in\naccordance with the decision of the administrator which has become\nfinal;\n  (3) as to any amount collected after the period of limitation upon the\nmaking of levy for collection has expired; and\n  (4) as to any amount claimed as a result of a change or correction\ndescribed in subdivision (c).\n  (g) Limit on amount of credit or refund.--The amount of overpayment\ndetermined under subdivision (f) shall, when the decision of the\nadministrator has become final, be credited or refunded in accordance\nwith subdivision (a) of section sixty-six and shall not exceed the\namount of tax which the administrator determines as part of his decision\nwas paid--\n  (1) after the mailing of the notice of deficiency, or\n  (2) within the period which would be applicable under subdivisions\n(a), (b) or (c), if on the date of the mailing of the notice of\ndeficiency a claim had been filed (whether or not filed) stating the\ngrounds upon which the administrator finds that there is an overpayment.\n  (h) Early return.--For purposes of this section, any return filed\nbefore the last day prescribed for the filing thereof shall be\nconsidered as filed on such last day, determined without regard to any\nextension of time granted the taxpayer.\n  (i) Prepaid income tax.--For purposes of this section, any tax paid by\nthe taxpayer before the last day prescribed for its payment, any income\ntax withheld from the taxpayer during any calendar year, and any amount\npaid by the taxpayer as estimated income tax for a taxable year shall be\ndeemed to have been paid by him on the fifteenth day of the fourth month\nfollowing the close of his taxable year with respect to which such\namount constitutes a credit or payment.\n  (j) Return and payment of withholding tax.--Notwithstanding\nsubdivision (h), for purposes of this section with respect to any\nwithholding tax--\n  (1) if a return for any period ending with or within a calendar year\nis filed before April fifteenth of the succeeding calendar year, such\nreturn shall be considered filed on April fifteenth of such succeeding\ncalendar year; and\n  (2) if a tax with respect to remuneration paid during any period\nending with or within a calendar year is paid before April fifteenth of\nthe succeeding calendar year, such tax shall be considered paid on April\nfifteenth of such succeeding calendar year.\n  (k) Cross reference.--For provision barring refund of overpayment\ncredited against tax of a succeeding year, see subdivision (d) of\nsection sixty-six.\n