2006 New York Code - Payments Of Estimated Tax.

 
    §  11-645 Payments of estimated tax. (a) Every taxpayer subject to the
  tax imposed by section 11-639 of this part shall pay an amount equal  to
  twenty-five  percent  of  the  preceding  year's  tax, if such preceding
  year's tax exceeded one thousand dollars. Such amount shall be paid with
  the return required to be filed for the preceding taxable year  or  with
  an  application  for  the  extension of the time for filing such return.
  Provided, however, that for the first taxable year or period  commencing
  on   or   after  January  first,  nineteen  hundred  seventy-three,  the
  installment required by this subdivision shall be paid with  the  return
  required  to be filed for the tax imposed pursuant to part one or two of
  this subchapter three computed on  the  basis  of  net  income  for  the
  calendar  year  nineteen  hundred  seventy-two, or under the minimum tax
  provisions of section 11-612 of this subchapter.
    (b) Other installments. The estimated tax for each taxable  year  with
  respect  to which a declaration of estimated tax is required to be filed
  under this part shall be paid, in the case of a taxpayer  which  reports
  on the basis of a calendar year, as follows:
    (1)  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 taxable year pursuant to subdivision (a) of this
  section, 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.
    (2) If the declaration is filed after June  fifteenth  and  not  after
  September  fifteenth  of  such  taxable  year, and is not required to be
  filed on or before June fifteenth of such year, the estimated tax  shown
  on  such  declaration,  after  applying thereto the amount, if any, paid
  during the same  taxable  year  pursuant  to  subdivision  (a)  of  this
  section,   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.
    (3)  If  the  declaration  is  filed after September fifteenth of such
  taxable year, and is not required to be filed  on  or  before  September
  fifteenth  of  such  year,  the estimated tax shown on such declaration,
  after applying thereto the amount, if any, paid in respect of such  year
  pursuant  to  subdivision  (a) of this section, shall be paid in full at
  the time of the filing of the declaration.
    (4) If the declaration is filed after the time prescribed therefor, or
  after the expiration of any extension of time therefor,  paragraphs  two
  and three 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.
    (c) Amendments of declarations. 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 taxable year, any increase in the
  estimated tax by reason thereof shall be paid at the time of making such
  amendment.
    (d) Application of installments based on the preceding year's tax. Any
  amount paid pursuant to subdivision (a) shall  be  applied  as  a  first
  installment  against  the  estimated tax of the taxpayer for the taxable
  year shown on the declaration required to be filed pursuant  to  section
  11-644, 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 return  required
  to be filed by the taxpayer for such taxable year.
    (e)  Interest  on  certain  installments based on the preceding year's
  tax.  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 (a) of this section exceeds the tax shown on the
  return required to be filed by the taxpayer for the taxable year  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 six 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 taxable year, provided,  however,  that
  no  interest  shall  be  allowed  or  paid under this subdivision if the
  amount thereof is less than one dollar.
    (f) The preceding year's tax defined. As used in  this  section,  "the
  preceding  year's  tax"  means  the  tax  imposed  upon  the taxpayer by
  subdivision (a) of section 11-639 of this part for the preceding taxable
  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 return required to be filed for such preceding taxable  year,
  the amount properly estimated pursuant to paragraph one of subdivision b
  of  section 11-647 of this part as the tax imposed upon the taxpayer for
  such taxable year. Provided, however, that for the first taxable year or
  period  commencing  on  or  after  January   first,   nineteen   hundred
  seventy-three,  the  term "preceding year's tax" as used in this section
  shall mean the tax imposed upon the taxpayer pursuant to part one or two
  of this subchapter three which was computed on the basis of  net  income
  for the calendar year nineteen hundred seventy-two, or under the minimum
  tax  provisions of subdivision two of section 11-612 of this subchapter,
  or for purposes of computing the first installment of estimated tax  for
  such first taxable year or period when an application has been filed for
  an  extension of the time for filing the return required to be filed for
  the tax imposed pursuant to part one or two  of  this  subchapter  three
  which  was  computed  on  the  basis of net income for the calendar year
  nineteen hundred seventy-two, or under the  minimum  tax  provisions  of
  section  11-612 of this subchapter, the amount of tax properly estimated
  for purposes of such part one or two pursuant to section 11-635 of  this
  subchapter.
    (g) Application to short taxable period. This section shall apply to a
  taxable period of less than twelve months in accordance with regulations
  of the commissioner of finance.
    (h) Fiscal year. The provisions of this section shall apply to taxable
  years 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.
    (i)  Extension  of  time.  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.
    (j)  Payment  of  installments in advance. A taxpayer may elect to pay
  any installment of estimated tax prior to the date  prescribed  in  this
  section for payment thereof.