N.Y. Tax Law § 294: Returns and payment of tax

§ 294. Returns and payment of tax. (a) Every taxpayer and every other

organization or trust, other than an employee's trust described in

section four hundred one (a) of the internal revenue code of nineteen

hundred fifty-four, which is subject to the federal tax on unrelated

business income having an officer, agent, trustee or representative

within the state shall, on or before the fifteenth day of the fifth

month following the close of each of its taxable years, make and file a

return with the tax commission setting forth such information as the tax

commission may prescribe. Every employee's trust described in section

four hundred one (a) of such code shall make and file a return with the

tax commission on or before the fifteenth day of the fourth month

following the close of the trust's taxable year. Every taxpayer which

ceases to be subject to the tax imposed by this article shall make and

file a return with the tax commission on the date of such cessation, or

at such other time which the tax commission may require, covering each

taxable year or period for which no return was theretofore filed,

setting forth such information as the tax commission may require. Every

taxpayer shall also file such other returns and furnish such other facts

and information as the tax commission may require in the administration

of this article.

(b) (1) An automatic extension of six months for the filing of its

annual return shall be allowed any taxpayer, if, within the time

prescribed by the preceding paragraph, such taxpayer files with the tax

commission an application for extension, in such form as said tax

commission may prescribe by regulation, and pays, on or before the date

of such filing, the amount properly estimated as its tax, as provided in

paragraph two of this subdivision.

(2) If a taxpayer, within the time prescribed by subdivision (a) of

this section, 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 hereinafter provided in this subdivision,

the only amount payable in addition to the tax shall be interest, at the

underpayment rate set by the commissioner pursuant to section one

thousand ninety-six of this chapter, or if no rate is set, at the rate

of six per cent per year, upon the amount by which the tax, or the

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

be filed (determined without regard to any extension of time for filing

such return), exceeds the amount so paid. For purposes of this

subdivision an amount so paid shall be deemed properly estimated if it

is either not less than ninety per cent of the tax as finally

determined, or 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.

(c) The tax imposed by section two hundred ninety shall be payable to

the tax commission in full at the time the return is required to be

filed. Such tax imposed on any taxpayer which ceases 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 and all other taxes of

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

would otherwise be payable subsequent to the time such return is

required to be filed, shall nevertheless be payable at such time.

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

filing a return or for payment of a tax imposed by this article under

such conditions as it deems just and proper.