Ohio Code 5726.33 – Interest or penalty on qualifying refund overpayment
(A) As used in this section, “qualifying refund overpayment” means an amount received by a taxpayer in excess of a refund claimed or a request for payment made by the reporting person for the taxpayer on a return, report, or other document filed with the tax commissioner.
Terms Used In Ohio Code 5726.33
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Reporting person: means one of the following:
(1) In the case of a financial institution described in division (H)(1) of this section, the top-tier holding company required to file an FR Y-9. See Ohio Code 5726.01
- Taxpayer: means a financial institution subject to the tax levied under section 5726. See Ohio Code 5726.01
(B) A taxpayer is not liable for any interest or penalty with respect to the repayment of a qualifying refund overpayment if the reporting person for the taxpayer pays the entire amount of the qualifying refund overpayment to the commissioner not later than thirty days after the taxpayer receives an assessment for the amount. If the reporting person does not pay the entire amount of the overpayment to the commissioner within the time prescribed by this section, interest shall accrue on the amount of the deficiency pursuant to section 5726.32 of the Revised Code from the date the commissioner issues the assessment until the date the deficiency is paid.