If the Controller finds that there has been an overpayment of tax, penalty or interest, the overpayment shall be credited on any amount then due from, or which is a lien on any property owned by, the person entitled to the refund, and the balance shall be refunded to the person entitled thereto. (See Revenue and Taxation Code Section 16281).

No credit or refund shall be allowed or made after four years from the last day prescribed for filing the return or one year from the date of overpayment, whichever period is later, unless before the expiration of such period a claim therefor is filed by the Taxpayer, or unless before the expiration of such period the Controller allows a credit or makes a refund. (See Revenue and Taxation Code Section 16221.5).

Note: Reference: Section 16221, Revenue and Taxation Code.