US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 30
                                  INCOME TAX
    63-3036A.  PAYMENT OF ESTIMATED TAX. (a) Any corporation subject to this
chapter which is required to make a payment of estimated taxes to the internal
revenue service and will have an Idaho income tax liability of five hundred
dollars ($500) or more shall pay to the state tax commission estimated taxes
due under this chapter.
    (b)  The provisions of the Internal Revenue Code relating to determination
of reporting periods and the due dates of payments of estimated tax shall
apply to the estimated payments due under this section.
    (c)  The amount of estimated tax due shall be determined as follows:
    (1)  Commencing with the calendar quarter that begins July 1, 1987, in the
    case of any corporation which was required to pay tax under this chapter
    for its immediately preceding taxable year, the amount of each quarterly
    payment for its current taxable year shall be twenty-five percent (25%) of
    the lesser of:
         (i)  The tax amount required to be reported on the return for the
         immediately preceding taxable year; or
         (ii)  Ninety percent (90%) of the tax required to be paid with the
         current year's return.
    (2)  Any corporation required to make estimated payments under this
    section and who makes annualized estimated payments under the Internal
    Revenue Code shall be permitted to annualize its estimated payments under
    this section in the manner  prescribed by regulation of the state tax
    commission. Such regulations shall, to the extent practicable, follow the
    provisions of the Internal Revenue Code and the regulations thereunder
    relating to annualization of estimated payments.
    (d)  The amounts paid as estimated taxes pursuant to subsection (c) of
this section shall be considered to be in part payment of the tax imposed by
this chapter on the person reporting such estimated tax. The part payment
shall apply to such tax for the tax year during which the reporting period for
which the estimate is made occurs. In the event that such part payments,
together with all other part payments, estimated payments, withheld taxes or
other credits allowable against the taxes imposed by this chapter shall exceed
the amount of tax due, the state tax commission shall refund such excess
within the time and in the manner prescribed in section 63-3072(c), Idaho
Code, relating to refund of taxes withheld by employers.
    (e)  The provisions of this section shall in no way relieve any person
from any obligation to file a return under any provision of this chapter at
the time such return may be due. In the event that the estimated payments
required under this section, together with any other part payments, estimated
payments, withheld taxes or other credits applicable to the same taxable year
are less than the amount of taxes imposed by this chapter, the unpaid tax
shall be paid at the time prescribed in section 63-3034, Idaho Code.
    (f)  The payment due for the first full reporting period occurring after
the effective date of this act, and the payment due for each of the next three
(3) succeeding reporting periods shall be one-half (1/2) of the amount
otherwise due under this section.