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Senate Bill S7207

2009-2010 Legislative Session

Relates to the payment of interest on overpayments of tax

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2009-S7207 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง688, Tax L

2009-S7207 (ACTIVE) - Summary

Relates to the payment of interest on overpayments of tax.

2009-S7207 (ACTIVE) - Sponsor Memo

2009-S7207 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7207

                            I N  S E N A T E

                             March 22, 2010
                               ___________

Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to the payment of  interest  on
  overpayments

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision (c) of section 688 of the tax law,  as  amended
by chapter 377 of the laws of 1999, is amended to read as follows:
  (c)  Income  tax  refund  within [forty-five] THIRTY days of claim for
overpayment.--If any overpayment of tax imposed by this article is cred-
ited or refunded within [forty-five] THIRTY days  after  the  last  date
prescribed  (or permitted by extension of time) for filing the return of
such tax on which such overpayment was claimed  or  within  [forty-five]
THIRTY  days  after such return was filed, whichever is later, or within
six months after  a  demand  is  filed  pursuant  to  paragraph  six  of
subsection  (b)  of  section  six  hundred fifty-one of this chapter, no
interest shall be allowed under this section on any such overpayment. In
regard to an amended return claiming such overpayment  or  a  claim  for
credit or refund on which such overpayment was claimed, if such overpay-
ment  is  refunded within [forty-five] THIRTY days of filing such return
or such claim, no interest shall be allowed from the date such return or
such claim is filed until the day the refund is made.  For  purposes  of
this  subsection, any amended return or claim for credit or refund filed
before the last day prescribed (or permitted by extension of  time)  for
the  filing  of  the  return of tax for such year shall be considered as
filed on such last day.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2009.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16541-01-0

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