59-7-504 - Estimated tax payments -- Penalty -- Waiver.
59-7-504. Estimated tax payments -- Penalty -- Waiver.
(1) Except as otherwise provided in this section, each corporation subject to taxationunder this chapter having a tax liability of $3,000 or more in the current tax year, or which had atax liability of $3,000 or more in the previous tax year, shall make payments of estimated tax atthe same time and using any method provided under Section 6655, Internal Revenue Code.
(2) The following are modifications or exceptions to the provisions of Section 6655,Internal Revenue Code:
(a) for the first year a corporation is required to file a return in Utah, that corporation isnot subject to Subsection (1) if it makes a payment on or before the due date of the return,without extensions, equal to or greater than the minimum tax required under Section 59-7-104 or59-7-201;
(b) the applicable percentage of the required annual payment, as defined in Section 6655,Internal Revenue Code, for annualized income installments, adjusted seasonal installments, andthose estimated tax payments based on the current year tax liability shall be:
Installment Percentage
1st 22.5
2nd 45.0
3rd 67.5
4th 90.0
(c) large corporations shall be treated as any other corporation for purposes of thissection; and
(d) if a taxpayer elects a different annualization period than the one used for federalpurposes, the taxpayer shall make an election with the Tax Commission at the same time asprovided under Section 6655, Internal Revenue Code.
(3) A penalty shall be added as provided in Section 59-1-401 for any quarterly estimatedtax payment which is not made in accordance with this section.
(4) There shall be no interest added to any estimated tax payments subject to a penaltyunder this section.
Amended by Chapter 311, 1995 General Session