§ 116 — Payments of estimated tax

§ 116. Payments of estimated tax. (a) General.--The estimated tax\nwith respect to which a declaration is required shall be paid as\nfollows:\n (1) If the declaration is filed on or before April fifteenth of the\ntaxable year, the estimated tax shall be paid in four equal\ninstallments. The first installment shall be paid at the time of the\nfiling of the declaration, and the second, third and fourth installments\nshall be paid on the following June fifteenth, September fifteenth, and\nJanuary fifteenth, respectively.\n (2) If the declaration is filed after April fifteenth and not after\nJune fifteenth of the taxable year, and is not required to be filed on\nor before April fifteenth of the taxable year, the estimated tax shall\nbe paid in three equal installments. The first installment shall be paid\nat the time of the filing of the declaration, and the second and third\ninstallments shall be paid on the following September fifteenth and\nJanuary fifteenth, respectively.\n (3) If the declaration is filed after June fifteenth and not after\nSeptember fifteenth of the taxable year, and is not required to be filed\non or before June fifteenth of the taxable year, the estimated tax shall\nbe paid in two equal installments. The first installment shall be paid\nat the time of the filing of the declaration, and the second shall be\npaid on the following January fifteenth.\n (4) If the declaration is filed after September fifteenth of the\ntaxable year, and is not required to be filed on or before September\nfifteenth of the taxable year, the estimated tax shall be paid in full\nat the time of the filing of the declaration.\n (5) If the declaration is filed after the time prescribed therefor, or\nafter the expiration of any extension of time therefor, paragraphs (2),\n(3) and (4) of this subdivision shall not apply, and there shall be paid\nat the time of such filing all installments of estimated tax payable at\nor before such time, and the remaining installments shall be paid at the\ntimes at which, and in the amounts in which, they would have been\npayable if the declaration had been filed when due.\n (b) Amendments of declaration.--If any amendment of a declaration is\nfiled, the remaining installments, if any, shall be ratably increased or\ndecreased (as the case may be) to reflect any increase or decrease in\nthe estimated tax by reason of such amendment, and if any amendment is\nmade after September fifteenth of the taxable year, any increase in the\nestimated tax by reason thereof shall be paid at the time of making such\namendment.\n (c) Application to short taxable year.--This section shall apply to a\ntaxable year of less than twelve months in accordance with regulations\nof the director of finance.\n (d) 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 (e) Installments paid in advance.--An unincorporated business may\nelect to pay any installment of its estimated tax prior to the date\nprescribed for the payment thereof.\n (f) Cross reference.--For unincorporated businesses with taxable years\nbeginning prior to the date that this title becomes effective, see\nsubdivision (j) of section one hundred fifteen.\n (g) The portion of an overpayment attributable to a credit allowable\npursuant to subdivision (c) of section one hundred one of of this\nchapter may not be credited against any payment due under this section.\n