2006 New York Code - Payments Of Estimated Tax.

 
    §  1514. Payments of estimated tax. (a) First installment of estimated
  tax.   * (1) Except as otherwise  provided  in  paragraph  two  of  this
  subdivision,  for  taxable  years  beginning  on or after January first,
  nineteen hundred seventy-six, every taxpayer subject to tax  under  this
  article  shall  pay in each such year an amount equal to (i) twenty-five
  percent of the tax imposed under such article for the preceding  taxable
  year  if such preceding year's tax exceeded one thousand dollars but was
  equal to or less than one  hundred  thousand  dollars,  or  (ii)  thirty
  percent  of the tax imposed under such article for the preceding taxable
  year if such preceding year's tax exceeded one hundred thousand dollars.
  If such preceding year's tax exceeded  one  thousand  dollars  and  such
  taxpayer  is  subject  to  the  tax surcharge imposed by section fifteen
  hundred five-a of this article, such taxpayer shall also pay  an  amount
  equal  to  (i)  twenty-five  percent  of the tax surcharge imposed under
  section fifteen hundred five-a for the preceding taxable  year  if  such
  preceding  year's  tax  was  equal  to or less than one hundred thousand
  dollars, or (ii) thirty percent of the tax  surcharge  imposed  for  the
  preceding taxable year if such preceding year's tax exceeded one hundred
  thousand dollars.
    * NB Repealed January 1, 2007
    * NB  Not applicable to taxable years beginning on or after January 1,
  2006
    * (1)  Except  as  otherwise  provided  in  paragraph  two   of   this
  subdivision,  for  taxable  years  beginning  on or after January first,
  nineteen hundred seventy-six, every taxpayer subject to tax  under  this
  article  shall  pay  in  each  such  year an amount equal to twenty-five
  percent of the tax imposed under such article for the preceding  taxable
  year,  if  such  preceding  year's tax exceeded one thousand dollars. If
  such preceding  year's  tax  exceeded  one  thousand  dollars  and  such
  taxpayer  is  subject  to  the  tax surcharge imposed by section fifteen
  hundred five-a of this article, such taxpayer shall also pay  an  amount
  equal  to twenty-five percent of the tax surcharge imposed under section
  fifteen hundred five-a for the preceding taxable year.
    * NB Effective January 1, 2007
    (2) For taxable years beginning on or after  January  first,  nineteen
  hundred  ninety-nine,  every taxpayer subject to tax under paragraph one
  of subdivision (b) of section fifteen hundred ten of this article  shall
  pay  in  each  such  year  an  amount  equal to forty percent of the tax
  imposed under such article for  the  preceding  taxable  year,  if  such
  preceding  year's  tax  exceeded one thousand dollars. If such preceding
  year's tax exceeded one thousand dollars and such taxpayer is subject to
  the tax surcharge imposed by section  fifteen  hundred  five-a  of  this
  article,  such  taxpayer shall also pay an amount equal to forty percent
  of the tax surcharge imposed under section fifteen  hundred  five-a  for
  the preceding taxable year.
    (3) Such amount or amounts described in paragraphs one and two of this
  subdivision  shall  be  paid  with  the return required to be filed with
  respect to such tax or tax surcharge for such preceding taxable year  or
  with an application for extension of the time for filing such return.
    (b)  Other  installments. The estimated tax or estimated tax surcharge
  for each taxable year with respect to which a declaration  of  estimated
  tax  or  a  declaration  of  estimated  tax  surcharge, respectively, is
  required to be filed under this article 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 or estimated tax surcharge 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 or
  estimated tax  surcharge  shown  on  such  declaration,  after  applying
  thereto  the amounts, 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 or estimated tax surcharge
  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  or  estimated
  tax  surcharge  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) Payments after amendment of declaration. 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 or estimated tax surcharge by
  reason of such amendment, and if any amendment is made  after  September
  fifteenth  of  the  taxable  year,  any increase in the estimated tax or
  estimated tax surcharge by reason thereof shall be paid at the  time  of
  making such amendment.
    (d)  (1)  Application  of first installments based on preceding year's
  tax. Any amount paid pursuant to subdivision (a) shall be applied  as  a
  first  installment against the estimated tax or estimated tax surcharge,
  respectively, of  the  taxpayer  for  the  taxable  year  shown  on  the
  declaration  required  to  be  filed pursuant to section fifteen hundred
  thirteen, or if no declaration is filed pursuant to  such  section,  any
  such  amount  shall be considered a payment on account of the tax or tax
  surcharge shown on the return required to be filed by the  taxpayer  for
  such taxable year.
    (2)  Any  amount  paid pursuant to paragraph four of subsection (c) of
  section six hundred fifty-eight of this chapter on behalf of a  taxpayer
  subject to tax under this article shall be applied against the estimated
  tax  of  the  taxpayer  for  the  taxable  year shown on the declaration
  required to be filed pursuant to section  fifteen  hundred  thirteen  of
  this  article,  or  if no declaration is filed 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  one  thousand
  eighty-eight of this chapter or section sixteen  of  the  state  finance
  law,  if  an  amount  paid  pursuant  to subdivision (a) of this section
  exceeds the tax or tax surcharge,  respectively,  shown  on  the  return
  required  to  be filed by the taxpayer for the taxable year during which
  such amount was paid, interest shall be allowed and paid on  the  amount
  by which the amount so paid pursuant to subdivision (a) exceeds such tax
  or  tax  surcharge,  at  the overpayment rate set by the commissioner of
  taxation and finance pursuant to subdivision (e) of section one thousand
  ninety-six  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  (a)  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 or if such interest becomes payable solely because of  a
  loss  described  in paragraph four of subdivision (b) of section fifteen
  hundred three.
    (f) The preceding year's tax defined. As used in  this  section,  "the
  preceding  year's  tax"  means,  for  taxpayers  subject  to  tax  under
  subdivision (b) of section fifteen hundred  ten  of  this  article,  the
  taxes  imposed  upon  the  taxpayer  by sections fifteen hundred one and
  fifteen hundred ten of this article from the preceding taxable  year  or
  as  otherwise  determined  by subdivision (b) of section fifteen hundred
  five of this article, and for taxpayers subject  to  tax  under  section
  fifteen hundred two-a of this article, the tax imposed upon the taxpayer
  by such section fifteen hundred two-a of this article from the preceding
  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  fifteen  hundred  sixteen  of  this article as the tax
  imposed upon the taxpayer for such taxable year.
    (g) 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.
    (h) Application to short taxable period. This section shall apply to a
  taxable period of less than twelve months in accordance with regulations
  of the tax commission.
    (i) Extension of time. The commissioner of taxation  and  finance  may
  grant  a reasonable extension of time, not to exceed six months, for the
  payment of any installment of estimated tax or estimated  tax  surcharge
  required  pursuant  to  this section, on such terms and conditions as he
  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  pursuant  to
  subdivision  (e)  of  section  one thousand ninety-six 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 or estimated tax surcharge prior to the
  date prescribed in this section for the payment thereof.