N.Y. GCM Law § 77

§ 77. Overpayment. 1. General.--The director of finance, within the\napplicable period of limitations, may credit an overpayment of tax and\ninterest on such overpayment against any liability in respect of any tax\nimposed by any of the named parts of this title or on the taxpayer who\nmade the overpayment, and the balance shall be refunded out of the\nproceeds of the tax.\n 2. Credits against estimated tax.--The director of finance may\nprescribe regulations providing for the crediting against the estimated\ntax under part two or part three of this title for any taxable year of\nthe amount determined to be an overpayment of tax under any such part\nfor a preceding taxable year. If any overpayment of tax is so claimed as\na credit against estimated tax for the succeeding taxable year, such\namount shall be considered as a payment of the tax under part two or\npart three of this title for the succeeding taxable year (whether or not\nclaimed as a credit in the declaration of estimated tax for such\nsucceeding taxable year), and no claim for credit or refund of such\noverpayment shall be allowed for the taxable year for which the\noverpayment arises.\n 3. Rule where no tax liability.--If there is no tax liability for a\nperiod in respect of which an amount is paid as tax, such amount shall\nbe considered an overpayment.\n 4. Assessment and collection after limitation period.--If any amount\nof tax is assessed or collected after the expiration of the period of\nlimitations properly applicable thereto, such amount shall be considered\nan overpayment.\n 5. Assignment of overpayment.--A credit for an overpayment of tax\nunder any of the named parts may be assigned by the taxpayer to a\ncorporation liable to pay taxes under any of the named parts, and the\nassignee of the whole or any part of such credit, on filing such\nassignment with the director of finance, shall thereupon be entitled to\ncredit upon the books of the director of finance for the amount thereof\non its current account for taxes, in the same manner and to the same\neffect as though the credit had originally been allowed in its favor.\n 6. Notwithstanding any other provision of law to the contrary, the\nprocedures for the enforcement of money judgments shall not apply to the\ndepartment of finance, or to any officer or employee of such department,\nas a garnishee, with respect to any amount of money to be refunded or\ncredited to a taxpayer under this title.\n