N.Y. General City Model 772/66 § 35: Declaration of estimated tax; payments on account of estimated tax

§ 35. Declaration of estimated tax; payments on account of estimated

tax. 1. Every taxpayer subject to the tax imposed by this part shall

make a declaration of the estimated tax upon the basis of its net income

for the current calendar year, containing such information as the

director of finance may prescribe by regulations or instructions, if

such estimated tax can reasonably be expected to exceed one thousand

dollars.

2. The term "estimated tax" means the amount which a taxpayer

estimates to be the tax imposed by this part upon the basis of its net

income for the current calendar year, less the amount which it estimates

to be the sum of any credits allowable against the tax.

3. A declaration of estimated tax shall be filed on or before June

fifteenth of the calendar year upon the net income of which the tax is

based, except that if the requirements of subdivision one are first met:

(a) after June first and before October second of such calendar year,

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

(b) after October first of such calendar year, the declaration shall

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

Notwithstanding any other provision of this subdivision, no

declaration need be filed prior to the sixtieth day after the date this

title becomes effective.

4. A taxpayer may amend a declaration under regulations of the

director of finance.

5. If, on or before February fifteenth of the succeeding year, a

taxpayer files its return for the calendar year upon the net income of

which the declaration is required to be based, and pays therewith the

balance, if any, of the full amount of the tax shown to be due on the

return,

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

declaration was required to be filed during such calendar year, but is

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

succeeding year pursuant to subdivision three,

(b) such return shall be considered as an amendment permitted by

subdivision four to be filed on or before January fifteenth if the tax

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

declaration previously made.

6. The director of finance may grant a reasonable extension of time,

not to exceed three months, for the filing of any declaration required

pursuant to this section, on such terms and conditions as he may

require.

7. Every taxpayer subject to the tax imposed by this part shall pay

with the return of tax, if any, required to be filed upon the basis of

its net income for the preceding calendar year, or with an application

for extension of the time for filing such return, an amount equal to

twenty-five per centum of the preceding year's tax, if such preceding

year's tax exceeded one thousand dollars.

8. The estimated tax with respect to which a declaration for such

calendar year is required pursuant to this section shall be paid as

follows:

(a) If the declaration is filed on or before June fifteenth, the

estimated tax shown thereon, after applying thereto the amount, if any,

paid during the same calendar year pursuant to subdivision seven, shall

be paid in three equal installments. One of such installments shall be

paid at the time of the filing of the declaration, one shall be paid on

the following October fifteenth, and one on the following January

fifteenth.

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

October fifteenth of such calendar year, and is not required to be filed

on or before June fifteenth of such calendar year, the estimated tax

shown on such declaration, after applying thereto the amount, if any,

paid during the same calendar year pursuant to subdivision seven, shall

be paid in two equal installments. One of such installments shall be

paid at the time of the filing of the declaration and one shall be paid

on the following January fifteenth.

(c) If the declaration is filed after October fifteenth of such

calendar year, and is not required to be filed on or before October

fifteenth of such calendar year, the estimated tax shown on such

declaration, after applying thereto the amount, if any, paid in respect

of such calendar year pursuant to subdivision seven, shall be paid in

full at the time of the filing of the declaration.

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

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

and (c) 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.

9. 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 October

fifteenth of the calendar year, any increase in the estimated tax by

reason thereof shall be paid at the time of making such amendment.

10. Any amount paid pursuant to subdivision seven shall be applied

after payment as a first installment against the estimated tax of the

taxpayer shown on the declaration next required to be filed pursuant to

this section or, if no declaration of estimated tax is required to be

filed by the taxpayer pursuant to this section, any such amount shall be

considered a payment on account of the tax shown on the return of tax

required to be filed by the taxpayer upon the basis of its net income

for the calendar year during which such amount was paid.

11. Notwithstanding the provisions of section seventy-nine of this

title or of section three-a of the general municipal law, if any amount

paid pursuant to subdivision seven, exceeds the tax shown on the return

required to be filed by the taxpayer upon the basis of its net income

for the calendar year during which the amount was paid, interest shall

be allowed and paid on the amount by which the amount so paid pursuant

to such subdivision exceeds such tax, at the rate of six per centum per

annum from the date of payment of the amount so paid pursuant to such

subdivision to March fifteenth of the succeeding calendar year,

provided, however, that no interest shall be allowed or paid under this

subdivision if the amount thereof is less than one dollar.

12. As used in this section, "the preceding year's tax" means the tax

imposed upon the taxpayer by this part upon the basis of its net income

for the preceding calendar year, or, for purposes of computing the first

installment of estimated tax when an application has been filed for

extension of time for filing the return required to be filed for such

preceding calendar year, the amount properly estimated pursuant to

section thirty-four of this part as the tax imposed upon the basis of

its net income for such calendar year.

13. This section shall apply to an income period of less than twelve

months in accordance with regulations of the director of finance.

14. The director of finance may grant a reasonable extension of time,

not to exceed six months, for payment of any installment of estimated

tax required pursuant to this section, on such terms and conditions as

he may require, including the furnishing of a bond or other security by

the taxpayer in an amount not exceeding twice the amount for which any

extension of time for payment is granted, provided however that interest

at the rate of six per centum per annum for the period of the extension

shall be charged and collected on the amount for which any extension of

time for payment is granted under this subdivision.

15. A taxpayer may elect to pay any installment of estimated tax prior

to the date prescribed in this section for payment thereof.