Tax Refund Payment Law and Legal Definition

According to 12 CFR 313.121 [Title 12 -- Banks and Banking; Chapter III -- Federal Deposit Insurance Corporation; Subchapter A -- Procedure and Rules of Practice; Part 313 -- Procedures for Corporate Debt Collection; Subpart E -- Tax Refund Offset], tax refund payment means “any overpayment of federal taxes to be refunded to the person making the overpayment after the Internal Revenue Service (IRS) makes the appropriate credits.”