2012 New York Consolidated Laws
TAX - Tax
Article 32 - (1450 - 1468) Franchise Tax on Banking Corporations
1461 - Payments of estimated tax.

 
    §  1461.  Payments of estimated tax. (a) Every taxpayer subject to the
  tax imposed by section fourteen hundred fifty-one  must  pay  an  amount
  equal  to  (i)  twenty-five  percent  of the preceding year's tax if the
  preceding year's tax exceeded one thousand dollars but was equal  to  or
  less  than  one  hundred  thousand dollars, or (ii) forty percent of the
  preceding year's tax if the preceding year's tax  exceeded  one  hundred
  thousand dollars. The amount must be paid with the return required to be
  filed  for  the  preceding  taxable  year  or with an application for an
  extension of the time for filing the return. If the preceding year's tax
  under section fourteen hundred fifty-one of this  article  exceeded  one
  thousand  dollars  and  the  taxpayer  is  subject  to the tax surcharge
  imposed by section fourteen hundred fifty-five-B of  this  article,  the
  taxpayer  must  also  pay  with  the tax surcharge return required to be
  filed for the preceding taxable year, or  with  an  application  for  an
  extension  of  the  time  for  filing the return, an amount equal to (i)
  twenty-five percent of the tax surcharge imposed for the preceding  year
  if  the  preceding  year's  tax  was  equal  to or less than one hundred
  thousand dollars, or (ii) forty percent of the tax surcharge imposed for
  the preceding year if the preceding  year's  tax  exceeded  one  hundred
  thousand dollars.
    (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 subsection (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  amount, if any, paid during the same taxable year pursuant
  to  subsection  (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 subsection (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 subsection 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) 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  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) Application of installments based on the preceding  year's  tax.--
  (1)  Any  amount  paid  pursuant to subsection (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  fourteen  hundred
  sixty,  or  if  no  declaration  of  estimated  tax  or a declaration of
  estimated tax surcharge 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 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 fourteen hundred sixty of this
  article, or if no declaration is filed pursuant  to  such  section,  any
  such amount shall be considered a payment on account of 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 of section sixteen of the state finance
  law, if an amount paid  pursuant  to  subsection  (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
  the amount was paid, interest shall be allowed and paid on the amount by
  which the amount so paid pursuant to such subsection exceeds such tax or
  tax  surcharge,  at  the  overpayment  rate  set  by the commissioner of
  taxation and finance pursuant to section one thousand ninety-six of this
  chapter, or if no rate is set, at the rate of six  per  cent  per  annum
  from  the  date  of  payment  of  the  amount  so  paid pursuant to such
  subsection 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 subsection 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
  subsection (a) of section fourteen hundred fifty-one 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
  subsection (b) of  section  fourteen  hundred  sixty-three  as  the  tax
  imposed upon the taxpayer for such taxable year.
    (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 tax commission.
    (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 taxation and  finance  may
  grant  a  reasonable  extension  of  time, not to exceed six months, for
  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
  section  one  thousand ninety-six of this chapter, or if no rate is set,
  at the rate of six per centum 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 subsection.
    (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 payment thereof.