§ 115 — Declarations of estimated tax

§ 115. Declarations of estimated tax. (a) Requirement of\ndeclaration.--Except as provided in subdivision (j), every\nunincorporated business shall make a declaration of its estimated tax\nfor the taxable year, containing such information as the commissioner of\nfinance may prescribe by regulations or instruction, if its\nunincorporated business taxable income can reasonably be expected to\nexceed fifteen thousand dollars.\n (b) Definition of estimated tax.-- The term "estimated tax" means the\namount which an unincorporated business estimates to be its tax under\nthis title for the taxable year, less the amount which it estimates to\nbe the sum of any credits allowable against the tax other than the\ncredit allowable under subdivision (c) of section one hundred one of\nthis chapter.\n (c) Time for filing declaration.--Except as hereinafter provided, a\ndeclaration of estimated tax required under this section shall be filed\non or before April fifteenth of the taxable year provided, however, that\nif the requirements of subdivision (a) are first met:\n (1) after April first and before June second of the taxable year, the\ndeclaration shall be filed on or before June fifteenth, or\n (2) after June first and before September second of the taxable year,\nthe declaration shall be filed on or before September fifteenth, or\n (3) after September first of the taxable year, the declaration shall\nbe filed on or before January fifteenth of the succeeding year.\n (d) Filing of declarations on or before January fifteenth.--\n (1) A declaration of estimated tax by an unincorporated business\nhaving an estimated unincorporated business taxable income from farming\n(including oyster farming) for the taxable year which is at least\ntwo-thirds of its total estimated unincorporated business taxable income\nfor the taxable year may be filed at any time on or before January\nfifteenth of the succeeding year.\n (2) A declaration of estimated tax under this section of forty dollars\nor less for the taxable year may be filed at any time on or before\nJanuary fifteenth of the succeeding year under regulations of the\ndirector of finance.\n (e) Amendments of declaration.--An unincorporated business may amend a\ndeclaration under regulations of the director of finance.\n (f) Return as declaration or amendment.--If on or before February\nfifteenth of the succeeding taxable year an unincorporated business\nsubject to the estimated tax requirements of this section files its\nreturn for the taxable year for which the declaration is required, and\npays on or before such date the full amount of the tax shown to be due\non the return:\n (1) such return shall be considered as its declaration if no\ndeclaration was required to be filed during the taxable year, but is\notherwise required to be filed on or before January fifteenth of the\nsucceeding year, and\n (2) such return shall be considered as the amendment permitted by\nsubdivision (e) to be filed on or before January fifteenth if the tax\nshown on the return is greater than the estimated tax shown in a\ndeclaration previously made.\n (g) Fiscal year.--This section shall apply to a taxable year other\nthan a calendar year by the substitution of the months of such fiscal\nyear for the corresponding months specified in this section.\n (h) Short taxable year.--An unincorporated business subject to the\nestimated tax requirements of this section and having a taxable year of\nless than twelve months shall make a declaration in accordance with\nregulations of the director of finance.\n (i) Declaration of unincorporated business under a disability.--The\ndeclaration of estimated tax for an unincorporated business which is\nunable to make a declaration for any reason shall be made and filed by\nthe committee, fiduciary or other person charged with the care of the\nproperty of such unincorporated business (other than a receiver in\npossession of only a part of such property), or by his duly authorized\nagent.\n (j) Declaration of estimated tax for taxable years beginning prior to\nthe date of enactment of this title.--Notwithstanding subdivision (c) of\nthis section, no declaration of estimated tax required by subdivision\n(a) of this section need be filed until sixty days after the date that\nthis title becomes effective.\n