1460 - Declarations of estimated tax.
§ 1460. Declarations of estimated tax. (a) Requirements of declaration.--Every taxpayer subject to the tax imposed by subsection (a) of section fourteen hundred fifty-one shall make a declaration of its estimated tax for the current taxable year, containing such information as the commissioner of taxation and finance may prescribe by regulations or instructions, if such estimated tax can reasonably be expected to exceed one thousand dollars. If a taxpayer is subject to the tax surcharge imposed by section fourteen hundred fifty-five-B and such taxpayer's estimated tax under subsection (a) of section fourteen hundred fifty-one can reasonably be expected to exceed one thousand dollars, such taxpayer shall also make a declaration of its estimated tax surcharge for the current taxable year. (b) Definition of estimated tax and estimated tax surcharge.--The terms "estimated tax" and "estimated tax surcharge" mean the amounts which a taxpayer estimates to be the tax or tax surcharge imposed by subsection (a) of section fourteen hundred fifty-one or fourteen hundred fifty-five-B, respectively, for the current taxable year, less the amount which it estimates to be the sum of any credits allowable against the tax or tax surcharge, respectively. (c) Time for filing declaration.--A declaration of estimated tax and a declaration of estimated tax surcharge shall be filed on or before June fifteenth of the current taxable year in the case of a taxpayer which reports on the basis of a calendar year, except that if the requirements of subsection (a) of this section are first met: (1) after May thirty-first and before September first of such current taxable year, the declaration shall be filed on or before September fifteenth, or (2) after August thirty-first and before December first of such current taxable year, the declaration shall be filed on or before December fifteenth. (d) Amendments of declaration.--A taxpayer may amend a declaration under regulations of the tax commission. (e) Return as declaration.--If, on or before February fifteenth of the succeeding year in the case of a taxpayer whose taxable year is a calendar year, a taxpayer files its return for the year for which the declaration is required, and pays therewith the balance, if any, of the full amount of the tax or tax surcharge shown to be due on the return: (1) such return shall be considered as its declaration if no declaration was required to be filed during the taxable year for which the tax or tax surcharge was imposed, but is otherwise required to be filed on or before December fifteenth pursuant to paragraph two of subsection (c) of this section, and (2) such return shall be considered as the amendment permitted by subsection (d) of this section to be filed on or before December fifteenth if the tax or tax surcharge shown on the return is greater than the estimated tax or estimated tax surcharge, as the case may be, shown on a declaration previously made. (f) Fiscal year.--This section shall apply to taxable years of twelve months other than a calendar year by the substitutions of the months of such fiscal year for the corresponding months specified in this section. (g) Short taxable period.--If the taxable period for which a tax or tax surcharge is imposed by subsection (a) of section fourteen hundred fifty-one or section fourteen hundred fifty-five-B, respectively, is less than twelve months, every taxpayer required to make a declaration of estimated tax or a declaration of estimated tax surcharge for such taxable period shall make such a declaration in accordance with regulations of the commissioner of taxation and finance.(h) Extension of time.--The tax commission may grant a reasonable extension of time, not to exceed three months, for the filing of any declaration required pursuant to this section, on such terms and conditions as it may require.