Sec. 12-39u. Offsetting of overpayments and underpayments of taxes.
Sec. 12-39u. Offsetting of overpayments and underpayments of taxes. In making an assessment or in allowing a claim for refund, the commissioner may, in the
commissioner's discretion, offset overpayments of a tax for a taxable period or periods
against underpayments of the same tax for another taxable period or periods. If the
commissioner exercises the commissioner's discretion under this section, the interest
on such underpayments and overpayments shall be computed on the basis of one per
cent per month or fraction thereof but only to the extent that, for the same period of
time, interest is payable and otherwise allowable on equivalent underpayments and
overpayments. If interest is not otherwise allowable on overpayments of the tax, interest
shall be treated as allowable for purposes of this section on equivalent underpayments
and overpayments. Nothing in this section shall be construed to require the payment of
interest where overpayments of the tax exceed underpayments of the tax.
(P.A. 99-48, S. 5, 10.)
History: P.A. 99-48 effective January 1, 2000.