26 CAR § 66-105. Refunds

(a) Estimated tax payments which in total exceed net tax liabilities (which have been reduced by a tax credit) give rise to a refund. (b) If there is no gross tax liability, tax credits may not be claimed. (c)(1) If the available tax credit exceeds a taxpayer's gross tax liability and the taxpayer made estimated income tax payments, a refund would be allowable up to, but not exceeding, the amount of the taxpayer's estimated income tax payments. (2) See Annex 1 attached hereto for examples.