N.J. Admin. Code § 18:26-3A.11 - Refunds

(a) All applications for a refund of estate tax claimed to have been overpaid or erroneously paid must be filed with the Director within three years from the date of payment. The Director will authorize the disbursement of a refund payment in the event the Director receives proof of payment to the satisfaction of the Director and determines that the tax was overpaid or erroneously paid.

(b) Interest will be paid on overpayments of tax at a rate determined by the Director to be equal to the prime rate, determined for each month or fraction thereof, compounded annually at the end of each year, from the date that such interest commences to accrue to the date of refund. Interest begins to accrue on the later of the date of the receipt by the Division of a claim for refund by the taxpayer, the date of the payment of the tax, or the due date of the return; but no interest will be paid on an overpayment of less than $ 1.00, nor upon any overpayment refunded within six months after the last date prescribed, or permitted by extension of time, for filing the return or within six months after the return is filed, whichever is later.

(c) The date of payment is defined as the date the payment is actually received by the Division. It is not the date on which the tax return is filed, the date the Notice of Assessment is issued, or the date on which the audit is completed and/or the file is closed.

(d) Protective refund claims based on reasonably anticipated events may be filed within the time periods set forth in (a) above.

1. The protective refund claim must be made on the Transfer Inheritance and Estate Tax Protective Claim for Refund form. The form must be fully completed and must set forth the estimated refund amount and the basis for the claim.

2. The Director must be notified of the actual amount of the refund claimed within 90 days after occurrence of the anticipated event.

3. For the purpose of determining the interest, if any, payable on a protective refund claim, the refund claim will be deemed to have been made on the date that the Director is notified of the occurrence of the anticipated event.

Notes

N.J. Admin. Code § 18:26-3A.11

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018