N.J. Admin. Code § 18:26-3B.10 - Refunds
(a) All
applications for a refund of estate tax claimed to have been excessively 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
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