Bill Text: NY A05428 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 5428 (Prior Session Legislation)

Introduced

Bill Title: Requires the commissioner of taxation and finance to provide for the payment by the department of taxation and finance of tax refunds within 30 days of the receipt of a taxpayer's tax return.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A05428 Detail]

Download: New_York-2013-A05428-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5428
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 26, 2013
                                      ___________
       Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
         Committee on Ways and Means
       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:
    1    Section 1.  Subsection (c) of section 688 of the tax law,  as  amended
    2  by chapter 377 of the laws of 1999, is amended to read as follows:
    3    (c)  Income  tax  refund  within [forty-five] THIRTY days of claim for
    4  overpayment.--If any overpayment of tax imposed by this article is cred-
    5  ited or refunded within [forty-five] THIRTY days after  [the  last  date
    6  prescribed  (or permitted by extension of time) for filing the return of
    7  such tax on which such overpayment was claimed or within forty-five days
    8  after] such return was filed, [whichever is later,] or within six months
    9  after a demand is filed pursuant to paragraph six of subsection  (b)  of
   10  section  six  hundred  fifty-one  of  this chapter, no interest shall be
   11  allowed under this section on any such  overpayment.  In  regard  to  an
   12  amended return claiming such overpayment or a claim for credit or refund
   13  on  which  such overpayment was claimed, if such overpayment is refunded
   14  within [forty-five] THIRTY days of filing such return or such claim,  no
   15  interest  shall  be  allowed  from the date such return or such claim is
   16  filed  until  the  day  the  refund  is  made.  [For  purposes  of  this
   17  subsection,  any  amended  return  or  claim  for credit or refund filed
   18  before the last day prescribed (or permitted by extension of  time)  for
   19  the  filing  of  the  return of tax for such year shall be considered as
   20  filed on such last day.]
   21    S 2. This act shall take effect immediately and shall apply to taxable
   22  years commencing on and after January 1, 2012.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09276-01-3