A03244 Summary:

BILL NO    A03244 

SAME AS    No Same as 

SPONSOR    Peoples-Stokes

COSPNSR    Hooper

MLTSPNSR   Cook, Duprey, Rivera, Walker

Amd S688, Tax L

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.
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A03244 Actions:

BILL NO    A03244 

01/22/2015 referred to ways and means
01/06/2016 referred to ways and means
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A03244 Votes:

There are no votes for this bill in this legislative session.
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A03244 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3244
 
SPONSOR: Peoples-Stokes
  TITLE OF BILL: An act to amend the tax law, in relation to the payment of interest on overpayments   PURPOSE: To require that Department of Taxation and Finance to provide for the payment of refunds within 3 days of the receipt of a tax return.   SUMMARY OF PROVISIONS: Section one adds a new subdivision twenty-ninth requiring the Department of Taxation and Finance to pay every taxpayer's refund within forty-five days upon receipt by the Department. If the Department is unable to pay a tax refund because of a discrepancy in the taxpayer's return, the Department shall provide written notice to the taxpayer of the discrep- ancy and when it can be expected to be resolved. Upon the failure to provide a refund or written notice, the department shall pay the taxpay- er interest on the refund owed at a rate of six percent per annum.   JUSTIFICATION: As the April fifteenth deadline approaches for tax returns with the State of New York, taxpayers who overpaid their state taxes should receive their refund in a timely fashion. Recently, there have been instances that the State has been withholding refunds which rightfully belong to taxpayers. Although many New Yorkers have in fact received their tax refunds in a timely fashion by the Department, all New yorkers who are owed a refund are entitled to it in a reasonable time frame. This legislation would require the State to act immediately to put this hard earned money back in the pockets of hard working New York taxpayers.   LEGISLATIVE HISTORY: A.10087 of 2009/2010; A.7057 of 2011/2012; A.5428 of 2013/2014.   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: This act shall take effect immediately.
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A03244 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3244
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 22, 2015
                                       ___________
 
        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    § 2. This act shall take effect immediately and shall apply to taxable
    22  years commencing on and after January 1, 2014.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01336-01-5
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