NY Gen City L § 25-A-64 (2021)
2021 New York Laws GCT - General City Article 2-D - City Personal Income Tax on Residents 25-A-64 - Interest on Underpayment.

§ 64. Interest on underpayment.--(a) General.--If any amount of income tax  is not paid on or before the last date prescribed in this local law for payment, interest on such amount at the rate of  six  percentum  per annum shall be paid for the period from such last date to the date paid, whether  or  not any extension of time for payment was granted. Interest under this subdivision shall not be paid if the amount thereof  is  less than  one  dollar. If the time for filing a return of tax withheld by an employer is extended, the employer shall pay interest for the period for which the extension is granted and may not charge such interest  to  the employee.  (b)  Exception  as  to estimated tax.--This section shall not apply to any failure to pay estimated tax under section thirty-six.  (c) Exception for mathematical error.--No interest shall be imposed on any underpayment of tax due solely to mathematical error if the taxpayer files a return within the time prescribed in this local  law  (including any  extension of time) and pays the amount of underpayment within three months after the due date of such return, as it may be extended.  (d) No interest on interest.--No interest under this local  law  shall be imposed on any interest provided by this title.  (e)   Suspension   of   interest  on  deficiencies.--If  a  waiver  of restrictions on assessment  of  a  deficiency  has  been  filed  by  the taxpayer,  and  if notice and demand by the administrator for payment of such deficiency is not made within thirty days after the filing of  such waiver,  interest shall not be imposed on such deficiency for the period beginning immediately after such thirtieth day and ending with the  date of notice and demand.  (f)  Tax  reduced  by carryback.--If the amount of tax for any taxable year is reduced by reason of a carryback of a net operating  loss,  such reduction in tax shall not affect the computation of interest under this section  for  the period ending with the last day of the taxable year in which the net operating loss arises.  (g) Interest treated as tax.--Interest under  this  section  shall  be paid upon notice and demand and shall be assessed, collected and paid in the  same  manner as income tax.  Any reference in this title to the tax imposed by this local law shall be deemed  also  to  refer  to  interest imposed by this section on such tax.  (h)  Interest  on  penalties  or  additions to tax.--Interest shall be imposed under subdivision (a) in respect of any  assessable  penalty  or addition  to  tax  only if such assessable penalty or addition to tax is not paid within ten days from the date of the notice and demand therefor under subdivision (b) of section seventy-two, and in such case  interest shall  be  imposed  only for the period from such date of the notice and demand to the date of payment.  (i) Payment prior to notice of deficiency.--If, prior to  the  mailing to  the  taxpayer  of  a  notice  of deficiency under subdivision (b) of section sixty-one, the administrator mails to the taxpayer a  notice  of proposed  increase  of  tax and within thirty days after the date of the notice of proposed increase the taxpayer pays all amounts shown  on  the notice to be due to the administrator, no interest under this section on the  amount  so  paid  shall be imposed for the period after the date of such notice of proposed increase.  (j) Payment within ninety  days  after  notice  of  deficiency.--If  a notice  of deficiency under section sixty-one is mailed to the taxpayer, and the total amount specified in such notice is paid on or  before  the ninetieth  day  after  the  date of mailing, interest under this section shall not be imposed for the period after the date of the notice.  (k) Payment within ten days after notice and  demand.--If  notice  and demand  is  made  for  payment  of  any  amount under subdivision (b) of  section seventy-two, and if such amount is paid within  ten  days  after the  date  of such notice and demand, interest under this section on the amount so paid shall not be imposed for the period  after  the  date  of such notice and demand.  (l)  Limitation  on  assessment  and  collection.--Interest prescribed under this section may be assessed and collected at any time during  the period  within  which  the  tax  or  other amount to which such interest relates may be assessed and collected, respectively.  (m) Interest on erroneous refund.--Any portion of tax or other  amount which  has  been  erroneously  refunded, and which is recoverable by the administrator, shall bear interest at the rate of  six  per  centum  per annum from the date of the payment of the refund, but only if it appears that  any part of the refund was induced by fraud or a misrepresentation of a material fact.  (n) Satisfaction by credits.--If any portion of a tax is satisfied  by credit  of  an overpayment, then no interest shall be imposed under this section on the portion of the tax so satisfied  for  any  period  during which,  if  the  credit  had  not  been  made,  interest would have been allowable with respect to such overpayment.