N.Y. Tax Law § 1516: Payment of tax

§ 1516. Payment of tax. (a) To the extent the tax imposed by this

article shall not have been previously paid pursuant to section fifteen

hundred fourteen,

(1) each such tax, or the balance thereof, shall be payable to the tax

commission in full at the time the taxpayer's return is required to be

filed, and

(2) each such tax, or the balance thereof, imposed on any taxpayer

which ceased to exercise its franchise or to be subject to the tax

imposed by this article shall be payable to the tax commission at the

time the return is required to be filed, provided each such tax of a

domestic corporation which continues to possess its franchise shall be

subject to adjustment as the circumstances may require; all other taxes

of any such taxpayer, which pursuant to the foregoing provisions of this

subdivision would otherwise be payable subsequent to the time such

return is required to be filed, shall nevertheless be payable at such

time.

(b) If the taxpayer, within the time prescribed by subdivision (c) of

section fifteen hundred fifteen, shall have applied for an automatic

extension of time to file its annual return and shall have paid to the

commissioner of taxation and finance on or before the date such

application is filed an amount properly estimated as provided by said

subdivision, the only amount payable in addition to the tax shall be

interest at the underpayment rate set by the commissioner pursuant to

subsection (e) of section one thousand ninety-six or, if no rate is set,

at the rate of six percent per annum upon the amount by which the tax,

or portion thereof payable on or before the date the return was required

to be filed, exceeds the amount so paid. For the purposes of the

preceding sentence,

(1) an amount so paid shall be deemed properly estimated if it is

either (i) not less than ninety percent of the tax as finally

determined, or (ii) not less than the tax shown on the taxpayer's return

for the preceding taxable year, if such preceding year was a taxable

year of twelve months; and

(2) the time when a return is required to be filed shall be determined

without regard to any extension of time for filing such return.

(c) The tax commission may grant a reasonable extension of time for

payment of any tax imposed by this article under such conditions as it

deems just and proper.