N.Y. General City Model 772/66 § 115: Declarations of estimated tax

§ 115. Declarations of estimated tax. (a) Requirement of

declaration.--Except as provided in subdivision (j), every

unincorporated business shall make a declaration of its estimated tax

for the taxable year, containing such information as the commissioner of

finance may prescribe by regulations or instruction, if its

unincorporated business taxable income can reasonably be expected to

exceed fifteen thousand dollars.

(b) Definition of estimated tax.-- The term "estimated tax" means the

amount which an unincorporated business estimates to be its tax under

this title for the taxable year, less the amount which it estimates to

be the sum of any credits allowable against the tax other than the

credit allowable under subdivision (c) of section one hundred one of

this chapter.

(c) Time for filing declaration.--Except as hereinafter provided, a

declaration of estimated tax required under this section shall be filed

on or before April fifteenth of the taxable year provided, however, that

if the requirements of subdivision (a) are first met:

(1) after April first and before June second of the taxable year, the

declaration shall be filed on or before June fifteenth, or

(2) after June first and before September second of the taxable year,

the declaration shall be filed on or before September fifteenth, or

(3) after September first of the taxable year, the declaration shall

be filed on or before January fifteenth of the succeeding year.

(d) Filing of declarations on or before January fifteenth.--

(1) A declaration of estimated tax by an unincorporated business

having an estimated unincorporated business taxable income from farming

(including oyster farming) for the taxable year which is at least

two-thirds of its total estimated unincorporated business taxable income

for the taxable year may be filed at any time on or before January

fifteenth of the succeeding year.

(2) A declaration of estimated tax under this section of forty dollars

or less for the taxable year may be filed at any time on or before

January fifteenth of the succeeding year under regulations of the

director of finance.

(e) Amendments of declaration.--An unincorporated business may amend a

declaration under regulations of the director of finance.

(f) Return as declaration or amendment.--If on or before February

fifteenth of the succeeding taxable year an unincorporated business

subject to the estimated tax requirements of this section files its

return for the taxable year for which the declaration is required, and

pays on or before such date the full amount of the tax shown to be due

on the return:

(1) such return shall be considered as its declaration if no

declaration was required to be filed during the taxable year, but is

otherwise required to be filed on or before January fifteenth of the

succeeding year, and

(2) such return shall be considered as the amendment permitted by

subdivision (e) to be filed on or before January fifteenth if the tax

shown on the return is greater than the estimated tax shown in a

declaration previously made.

(g) Fiscal year.--This section shall apply to a taxable year other

than a calendar year by the substitution of the months of such fiscal

year for the corresponding months specified in this section.

(h) Short taxable year.--An unincorporated business subject to the

estimated tax requirements of this section and having a taxable year of

less than twelve months shall make a declaration in accordance with

regulations of the director of finance.

(i) Declaration of unincorporated business under a disability.--The

declaration of estimated tax for an unincorporated business which is

unable to make a declaration for any reason shall be made and filed by

the committee, fiduciary or other person charged with the care of the

property of such unincorporated business (other than a receiver in

possession of only a part of such property), or by his duly authorized

agent.

(j) Declaration of estimated tax for taxable years beginning prior to

the date of enactment of this title.--Notwithstanding subdivision (c) of

this section, no declaration of estimated tax required by subdivision

(a) of this section need be filed until sixty days after the date that

this title becomes effective.