Business Tax Overpayment Refunds

Department of Finance


Business and Excise TaxesBusiness ResourcesBenefitsDoing Business with NYC


Overpayment refunds

A business may request a refund due to overpayment of tax. The overpayment may be the result of an amended return, audit, or more money paid than was owed. Each business tax has its own refund request forms and procedures.

Banking corporation tax refunds

Filing Deadline

Within three years from the time the return was filed; or two years from the time the tax was filed and paid, whichever was later, or

If no return was filed, within two years from the time the tax was paid.

Instructions

Refunds can be requested by filing an amended return.

For refunds based on changes made by the IRS or New York State use Form NYC-3360B.

There are no refund claims based on “Net Operating Loss Carryback”.

The Department of Finance has 90 days from the due date, extended due date or filing date (whichever is later) to issue a refund without interest.

Forms and Reports
NYC-3360B (Report of Federal or State Change in Tax Base)

Commercial motor vehicle tax refunds

Filing Deadline
You must file a claim for a refund or credit within one year from the date of payment.

Requirements
There is no specific form to request a Commercial Motor Vehicle Tax refund. The owner of the vehicle can request a refund or credit writing a letter. Attach a copy of the cancelled check (front and back), showing payment and any other important information. Attach proof of payment if tax was paid by money order.

Mail Requests to:
New York City Dept. of Finance
Commercial Motor Vehicle Tax Section
66 John Street, 2nd floor
New York, NY 10038

No interest is paid by the Department of Finance on Commercial Motor Vehicle Tax refunds or credits.

Commercial rent tax refunds

Filing Deadline
A claim for a refund must be filed within:

18 months from the date of filing the return on which the refund claim is based, or

6 months from the date of payment of the tax, whichever is later.

Requirements
There is no Commercial Rent Tax refund form. You must file another return, checking off the “Amended Return” box. Show all the adjustments and indicate the amount of the refund in the “Overpayment” box on the return and mail to the address indicated on the form.

Refund requests for duplicate payments should be sent to:

NYC Department of Finance
Business and Excise Tax Refunds Unit
59 Maiden Lane, 20th Floor
New York, NY 10038

No interest is paid by the Department of Finance on Commercial Rent Tax refunds.

General corporation tax refunds

Filing Deadline

Within three years from the time the return was filed; or two years from the time the tax was filed and paid, whichever is later, or

If no return was filed, within two years from the time the tax was paid.

Note: If an extension was granted for filing your General Corporation taxes, a refund claim must be made within six months after the extension has ended.

Refund Amounts

The refund amount for a three-year claim is limited to the amount of taxes paid within the three-year period plus any extension time if the return was filed on an extension.

The refund amount for a two-year claim is limited to the amount of the taxes paid within the two-year period.

Requirements for Amended Return
If you want to claim a refund based on a previously filed return and there is a change in the tax liability, you must file an amended return. Otherwise, an amended return is not required.

Extension of Time By Agreement
The period for reviewing the tax may be extended by an agreement between the taxpayer and the Department of Finance. A refund claim must be made within six months after this period has ended.

Notice of Change or Correction of Federal or New York State Taxable Income
If an audit by the IRS or New York State results in a change in your Federal or New York state taxable income or tax liability, you are required to notify the Department of Finance. You must report this change by filing a form NYC-3360 with the Department of Finance. You must include a complete copy of the Federal and/or State Audit Report or Statement of Adjustment with your NYC-3360.

If this change results in additional taxes due, you are generally required to file the NYC-3360 within 90 days of the date of Notice of Final Federal or New York State Determination; however those filing a combined report have 120 days from the date of final determination.

If the change results in a refund, you generally have up to two years to file the NYC-3360. Interest will be paid as long as you file within the two-year time frame indicated above. In these cases, interest is paid from the date that the claim was filed.

Refund Attributable to Net Operating Loss/Net Capital Loss Carryback
To claim a refund based on a previously filed return you must file an amended return. You need to file the amended return:

Three years from the filing deadline for the taxable year of the loss; or

Six months after an assessment has been made under an agreement or extension; or

Within the time period shown in the Notice of Change or Correction of Federal or New York State Taxable Income.

The Department of Finance has 90 days from the due date, extended due date or filing date (whichever is later) to issue a refund without interest.

Forms and Reports
NYC-3360 (Report of Federal or State Change in Tax Base)

Real property transfer tax refunds

Submit a written request, and include proof of payment (front and back of the cancelled check) or the receipts from the City Register / Division of Land Records showing payment, and a copy of the cover pages for the original real property transfer tax return filing to:

NYC Department of Finance
Business/Excise Tax Refund Unit
59 Maiden Lane, 20th Floor
New York, NY 10038

No interest is paid on Real Property Transfer Tax refunds.

Unincorporated business tax refunds

The same rules apply to Unincorporated Business Tax refunds and General Corporation Tax refunds except for the following:

Refunds should be requested by filing an amended return.

For refunds based on Federal or New York State changes use form NYC-115.

The Department of Finance has 90 days from the due date, extended due date or filing date (whichever is later) to issue a refund without interest.

Forms and Reports
NYC-115 (Report of Federal or State Change in Taxable Income)

Utility tax refunds

Filing Deadline
You must request your Utility Tax refund:

Within three years from the time the return was filed; or two years from the time the tax was filed and paid, whichever is later; or

If no return was filed, within two years from the time the tax was paid

Requirements
To request a refund, submit an amended tax return or the appropriate form in the NYC-UTX series.

No interest is paid by the Department of Finance on Utility Tax refunds.