§ 105-163.40. Time for submitting declaration; time and method for paying estimated tax; form of payment.
§105‑163.40. Time for submitting declaration; time and method for payingestimated tax; form of payment.
(a) Due Dates ofDeclarations. Declarations of estimated tax are due at the same time as thecorporation's first installment payment. Installment payments are due asfollows:
(1) If, before the 1stday of the 4th month of the taxable year, the corporation's estimated taxequals or exceeds five hundred dollars ($500.00), the corporation shall pay theestimated tax in four equal installments on or before the 15th day of the 4th,6th, 9th and 12th months of the taxable year.
(2) If, after the lastday of the 3rd month and before the 1st day of the 6th month of the taxableyear, the corporation's estimated tax equals or exceeds five hundred dollars($500.00), the corporation shall pay the estimated tax in three equalinstallments on or before the 15th day of the 6th, 9th and 12th months of thetaxable year.
(3) If, after the lastday of the 5th month and before the 1st day of the 9th month of the taxable year,the corporation's estimated tax equals or exceeds five hundred dollars($500.00), the corporation shall pay the estimated tax in two equalinstallments on or before the 15th day of the 9th and 12th months.
(4) If, after the lastday of the 8th month and before the 1st day of the 12th month of the taxableyear, the corporation's estimated tax equals or exceeds five hundred dollars($500.00), the corporation shall pay the estimated tax on or before the 15thday of the 12th month of the taxable year.
(b) Payment ofEstimated Tax When Declaration Amended. When a corporation submits an amendeddeclaration after making one or more installment payments on its estimated tax,the amount of each remaining installment shall be the amount that would havebeen payable if the estimate in the amended declaration was the originalestimate, increased or decreased as appropriate by the amount computed bydividing:
(1) The absolute valueof the difference between:
a. The amount paid and
b. The amount thatwould have been paid if the estimate in the amended declaration was theoriginal estimate by
(2) The number ofremaining installments.
(c) Short Taxable Year. Payment of estimated tax for taxable years of less than 12 months shall bemade in accordance with rules promulgated by the Secretary.
(d) Form of Payment. A corporation that is required under the Code to pay its federal‑estimatedcorporate income tax by electronic funds transfer must pay its State‑estimatedtax by electronic funds transfer. (1959, c. 1259, s. 1A; 1973,c. 476, s. 193; 1983, c. 713, s. 86; 1989 (Reg. Sess., 1990), c. 984, s. 16;1999‑389, s. 7.)