N.Y. General City Model 772/66 § 116: Payments of estimated tax

§ 116. Payments of estimated tax. (a) General.--The estimated tax

with respect to which a declaration is required shall be paid as

follows:

(1) If the declaration is filed on or before April fifteenth of the

taxable year, the estimated tax shall be paid in four equal

installments. The first installment shall be paid at the time of the

filing of the declaration, and the second, third and fourth installments

shall be paid on the following June fifteenth, September fifteenth, and

January fifteenth, respectively.

(2) If the declaration is filed after April fifteenth and not after

June fifteenth of the taxable year, and is not required to be filed on

or before April fifteenth of the taxable year, the estimated tax shall

be paid in three equal installments. The first installment shall be paid

at the time of the filing of the declaration, and the second and third

installments shall be paid on the following September fifteenth and

January fifteenth, respectively.

(3) If the declaration is filed after June fifteenth and not after

September fifteenth of the taxable year, and is not required to be filed

on or before June fifteenth of the taxable year, the estimated tax shall

be paid in two equal installments. The first installment shall be paid

at the time of the filing of the declaration, and the second shall be

paid on the following January fifteenth.

(4) If the declaration is filed after September fifteenth of the

taxable year, and is not required to be filed on or before September

fifteenth of the taxable year, the estimated tax shall be paid in full

at the time of the filing of the declaration.

(5) If the declaration is filed after the time prescribed therefor, or

after the expiration of any extension of time therefor, paragraphs (2),

(3) and (4) of this subdivision shall not apply, and there shall be paid

at the time of such filing all installments of estimated tax payable at

or before such time, and the remaining installments shall be paid at the

times at which, and in the amounts in which, they would have been

payable if the declaration had been filed when due.

(b) Amendments of declaration.--If any amendment of a declaration is

filed, the remaining installments, if any, shall be ratably increased or

decreased (as the case may be) to reflect any increase or decrease in

the estimated tax by reason of such amendment, and if any amendment is

made after September fifteenth of the taxable year, any increase in the

estimated tax by reason thereof shall be paid at the time of making such

amendment.

(c) Application to short taxable year.--This section shall apply to a

taxable year of less than twelve months in accordance with regulations

of the director of finance.

(d) 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.

(e) Installments paid in advance.--An unincorporated business may

elect to pay any installment of its estimated tax prior to the date

prescribed for the payment thereof.

(f) Cross reference.--For unincorporated businesses with taxable years

beginning prior to the date that this title becomes effective, see

subdivision (j) of section one hundred fifteen.

(g) The portion of an overpayment attributable to a credit allowable

pursuant to subdivision (c) of section one hundred one of of this

chapter may not be credited against any payment due under this section.