N.Y. General City Model 772/66 § 8: Payments on account of estimated tax

§ 8. Payments on account of estimated tax. 1. Every taxpayer subject

to the tax imposed by section three of this part shall pay with the

report required to be filed for the preceding privilege period, if any,

or with an application for extension of the time for filing such report,

an amount equal to twenty-five per centum of the preceding year's tax,

computed without regard to the credits provided for in section four-b,

four-c, four-d, four-e, four-f, four-g and four-h of this part if such

preceding year's tax exceeded one thousand dollars.

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

privilege period is required shall be paid, in the case of a taxpayer

which reports on the basis of a calendar year, 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 privilege period pursuant to subdivision one, 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 privilege period, and is not required to be

filed on or before June fifteenth of such period, the estimated tax

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

paid during the same privilege period pursuant to subdivision one, 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

privilege period, and is not required to be filed on or before October

fifteenth of such privilege period, the estimated tax shown on such

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

of such privilege period pursuant to subdivision one, 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.

3. 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 privilege period, any increase in the estimated tax by

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

4. Any amount paid pursuant to subdivision one or the first sentence

of subdivision three shall be applied after payment as a first

installment against the estimated tax of the taxpayer for the current

privilege period shown on the declaration required to be filed pursuant

to section seven of this part or, if no declaration of estimated tax is

required to be filed by the taxpayer pursuant to such section, any such

amount shall be considered a payment on account of the tax shown on the

report required to be filed by the taxpayer for such privilege period.

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

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

paid pursuant to subdivision one exceeds the tax shown on the report

required to be filed by the taxpayer for the privilege period 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 set by the commissioner of finance pursuant to

section eighty-seven of part six, or, if no rate is set, at the rate of

four per centum per annum from the date of payment of the amount so paid

pursuant to such subdivision to the fifteenth day of the third month

following the close of the privilege period, provided, however, that no

interest shall be allowed or paid under this subdivision if the amount

thereof is less than one dollar or if such interest becomes payable

solely because of a carryback of a net operating loss in a subsequent

privilege period.

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

imposed upon the taxpayer by section three of this part for the

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

first installment of estimated tax when an application has been filed

for extension of the time for filing the report required to be filed for

such preceding calendar or fiscal year, the amount properly estimated

pursuant to section seven of this part as the tax imposed upon the

taxpayer for such calendar or fiscal year.

7. This section shall apply to a privilege period of less than twelve

months in accordance with regulations of the director of finance.

8. The provisions of this section shall apply to privilege periods of

twelve months other than a calendar year by the substitution of the

months of such fiscal year for the corresponding months specified in

such provisions.

9. The commissioner 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 it 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 set by the commissioner of finance

pursuant to section eighty-seven of part six, or, if no rate is set, 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.

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

to the date prescribed in this section for payment thereof.

11. The portion of an overpayment attributable to a credit allowable

pursuant to section four-a of this part may not be credited against any

payment due under this section.