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 inthe 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 surchargerequired 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.