(a) To any refunds granted as a result of overpayment of any tax imposed under this chapter or chapter 209, there shall, except as otherwise provided in subsection (b) or (c) of this section, be added interest at the rate of two-thirds of one per cent for each month and fraction of a month from the date of making such overpayment to a date, to be determined by the Commissioner of Revenue Services, preceding the date of the refund check by not more than thirty days.
(b) (1) Notwithstanding any provision of subsection (a) of this section, in the case of an overpayment of tax reported on a tax return, no interest shall be allowed or paid under this section on such overpayment for any month or fraction thereof before (A) the ninety-first day after the last day prescribed for filing the tax return on which such overpayment was reported, determined without regard to any extension of time for filing, or (B) the ninety-first day after the date such return was filed, whichever is later.
(2) Notwithstanding any provision of subsection (a) of this section, in the case of an overpayment of tax reported on an amended tax return, no interest shall be allowed or paid under this section on such overpayment for any month or fraction thereof before the ninety-first day after the date such amended tax return was filed. For purposes of this subsection, any amended return filed before the last day prescribed for filing the tax return for such year, determined without regard to any extension of time for filing, shall be considered as filed on such last day.
(c) For purposes of this section, a tax return or amended tax return shall not be treated as filed until it is filed in processible form. A tax return or amended tax return is in a processible form if such return is filed on a permitted form, and such return contains the taxpayer's name, address and identifying number and the required signatures, and sufficient required information, whether on the return or on required attachments, to permit the mathematical verification of tax liability shown on the return.
(1953, S. 1104d; 1957, P.A. 489, S. 2; 1959, P.A. 161, S. 1; 1963, P.A. 651, S. 15; P.A. 77-614, S. 139, 610; P.A. 89-343, S. 2, 17; May Sp. Sess. P.A. 94-4, S. 32, 85; P.A. 95-160, S. 64, 69; May 9 Sp. Sess. P.A. 02-1, S. 63.)
History: 1959 act added exception for refunds due on estimated payments with tentative returns; 1963 act added exception for refunds due on payments on account of estimated tax; P.A. 77-614 substituted commissioner of revenue services for tax commissioner, effective January 1, 1979; P.A. 89-343 increased the rate of interest from 0.5% to 0.75% per month or fraction thereof; May Sp. Sess. P.A. 94-4 reduced interest rate from 0.75% to 0.66%, effective July 1, 1995, and applicable to taxes due and owing on or after said date; (Revisor's note: In 1997 a reference to Sec. 12-242c, repealed by P.A. 95-327, was deleted editorially by the Revisors); P.A. 95-160 revised effective date of May Sp. Sess. P.A. 94-4 but without affecting this section; May 9 Sp. Sess. P.A. 02-1 designated existing provisions as Subsec. (a) and amended same to delete exception re refunds due on certain estimated payments, modify time period for which interest is calculated, delete reference to years commencing on or after May 19, 1959, and make technical changes, added Subsec. (b) re limits on interest periods for overpayments of tax reported on returns and added Subsec. (c) re the form of returns, effective July 1, 2002, and applicable to tax returns and amended tax returns filed on or after July 1, 2001, and not allowed and paid before July 1, 2002 (Revisor's note: Sec. 64 of May 9 Sp. Sess. P.A. 02-1 provided as follows: “The intent of subsection (b) of section 12-227 of the general statutes, as amended by this act, is to properly indicate that current law does not authorize the Department of Revenue Services to allow or pay interest on an overpayment that is reported on a late tax return or on an amended return for any month or fraction thereof that is before the date on which such late return or such amended return is filed with the Department of Revenue Services.”).
Cited. 31 CS 134.
Structure Connecticut General Statutes
Chapter 208 - Corporation Business Tax
Section 12-213. - Definitions.
Section 12-214. - Imposition of tax. Surcharge.
Section 12-216. - Payment of tax by out-of-state corporations.
Section 12-217aa. - Order of credits.
Section 12-217aaa. - Accumulated research and development tax credits.
Section 12-217bb. - Tax credit for electric suppliers hiring displaced workers.
Section 12-217dd. - Tax credit for donation of land for open space or educational use.
Section 12-217ee. - Refund of unused credits under sections 12-217j and 12-217n.
Section 12-217gg. - Tax credit for employment expansion project.
Section 12-217hh. - Tax credit for hiring displaced worker.
Section 12-217j. - Tax credit for research and experimental expenditures.
Section 12-217jj. - Film production tax credit. Regulations.
Section 12-217k. - Tax credit for employee training.
Section 12-217ll. - Tax credit for digital animation production companies. Regulations.
Section 12-217m. - Tax credit for taxpayers occupying new facilities and creating new jobs.
Section 12-217n. - Rolling tax credit for research and development expenses. Carryforward limit.
Section 12-217o. - Tax credit for machinery and equipment expenditures.
Section 12-217p. - Tax credits for taxpayer providing housing for low and moderate income employees.
Section 12-217qq. - Tax credit for employers making certain student loan payments.
Section 12-217s. - Tax credit for expenditures related to traffic reduction programs.
Section 12-217v. - Tax credit for qualifying corporations in enterprise zones.
Section 12-217w. - Tax credit for investment in fixed capital.
Section 12-217x. - Tax credit for human capital investment.
Section 12-217z. - Business Tax Credit and Tax Policy Review Committee.
Section 12-217zz. - Limit on credits under this chapter.
Section 12-218. - Apportionment of net income.
Section 12-218a. - Apportionment of tax on insurance company.
Section 12-218b. - Apportionment of net income of financial service companies.
Section 12-218g. - Net deferred tax liability and assets. Deductions.
Section 12-219. - Capital base tax. Phase-out. Surcharge.
Section 12-219a. - Apportionment of tax base in and out of state. Insurance companies excepted.
Section 12-219b. - Election with respect to apportionment of net income.
Section 12-221a. - Petition for alternative method of apportionment. Regulations.
Section 12-222. - Annual return. Designated taxable member of combined group. Duties.
Section 12-223. - Returns of affiliated corporations.
Section 12-223a. - Combined corporation business tax return.
Section 12-223b. - Intercompany rents and business receipts.
Section 12-223c. - Minimum tax in combined return.
Section 12-223d. - Assessments against one or more taxpayers in combined return.
Section 12-223e. - Readjustment of taxes on revision of combined return.
Section 12-223f. - Preference tax due from corporations filing a combined return.
Section 12-224. - Return of fiduciary.
Section 12-225. - Supplemental and amended returns. Refund claim.
Section 12-226. - Correction of returns; additional tax; refunds.
Section 12-226a. - Adjustments by the commissioner. Regulations.
Section 12-227. - Interest on refunds.
Section 12-228. - Refunds to be made from General Fund.
Section 12-229. - Failure to pay tax or make return. Penalty. Waiver of penalty authorized.
Section 12-230. - Forfeiture of corporate rights for failure to make returns.
Section 12-231a. - Formation of insurance company affiliate of holding company to evade tax.
Section 12-232. - Authority to take testimony under oath; subpoenas.
Section 12-234. - Settlement with Treasurer.
Section 12-235. - Delinquent taxes; interest; collection.
Section 12-235a. - Disallowance of credits if taxes due and unpaid.
Section 12-236. - Hearing by commissioner.
Section 12-238. - Abatement of taxes.
Section 12-239. - Abatement of taxes on motor bus company in receivership.
Section 12-240. - Publication and disclosure of information.
Section 12-241. - Tax to be in lieu of other taxes.
Section 12-241a. - Definition.
Section 12-242. - Regulations.
Section 12-242d. - Installment payment of estimated tax. Interest on under payments.
Section 12-242e. - Disposition of installments.
Section 12-242f. - Obligations of fiduciary.
Section 12-242g. - Overpayments.