US Laws, Codes, Statutes & Cases

 
    §  11-608  Payments  on  account of estimated tax.   1. Every taxpayer
  subject to the tax imposed by section 11-603 of  this  subchapter  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  and
  filing  such  report,  an  amount equal to twenty-five per centum of the
  preceding year's tax 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  September  fifteenth,  and one on the following December
  fifteenth.
    (b) If the declaration is filed after June  fifteenth  and  not  after
  September  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 December fifteenth.
    (c) If the declaration is filed  after  September  fifteenth  of  such
  privilege period, and is not required to be filed on or before September
  fifteenth  of  such  privilege  period,  the estimated tax shown on such
  declaration, after applying thereto the amount, if any, paid in  respect
  to  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 September
  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  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 11-607 of this subchapter or, if no declaration of  estimated
  tax  is  required  to be filed by the taxpayer 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 11-679 of this chapter 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  overpayment rate set by the commissioner of finance pursuant to

  section 11-687 of this chapter, or, if no rate is set, at  the  rate  of
  four  percent  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 11-603 of this subchapter  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 11-607 of this subchapter 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 commissioner 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 the commissioner 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  underpayment  rate  set  by  the
  commissioner  of finance pursuant to section 11-687 of this chapter, or,
  if no rate is set, at the rate of six percent 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 subdivision eleven of section 11-604 of this subchapter may
  not be credited against any payment due under this section.