§ 35 — Declaration of estimated tax; payments on account of estimated tax

New York § 35

• Jurisdiction: New York
• Law GCM: General City Model 772/66
• Part 3: Financial Corporation Tax
• Subpart 3: Administration For Subparts 1 and 2

Text

§ 35. Declaration of estimated tax; payments on account of estimated\ntax. 1. Every taxpayer subject to the tax imposed by this part shall\nmake a declaration of the estimated tax upon the basis of its net income\nfor the current calendar year, containing such information as the\ndirector of finance may prescribe by regulations or instructions, if\nsuch estimated tax can reasonably be expected to exceed one thousand\ndollars.\n 2. The term "estimated tax" means the amount which a taxpayer\nestimates to be the tax imposed by this part upon the basis of its net\nincome for the current calendar year, less the amount which it estimates\nto be the sum of any credits allowable against the tax.\n 3. A declaration of estimated tax shall be filed on or before June\nfifteenth of the calendar year upon the net income of which the tax is\nbased, except that if the requirements of subdivision one are first met:\n (a) after June first and before October second of such calendar year,\nthe declaration shall be filed on or before October fifteenth, or\n (b) after October first of such calendar year, the declaration shall\nbe filed on or before January fifteenth of the succeeding calendar year.\n Notwithstanding any other provision of this subdivision, no\ndeclaration need be filed prior to the sixtieth day after the date this\ntitle becomes effective.\n 4. A taxpayer may amend a declaration under regulations of the\ndirector of finance.\n 5. If, on or before February fifteenth of the succeeding year, a\ntaxpayer files its return for the calendar year upon the net income of\nwhich the declaration is required to be based, and pays therewith the\nbalance, if any, of the full amount of the tax shown to be due on the\nreturn,\n (a) such return shall be considered as its declaration if no\ndeclaration was required to be filed during such calendar year, but is\notherwise required to be filed on or before January fifteenth of the\nsucceeding year pursuant to subdivision three,\n (b) such return shall be considered as an amendment permitted by\nsubdivision four to be filed on or before January fifteenth if the tax\nshown on the return is greater than the estimated tax shown on a\ndeclaration previously made.\n 6. The director of finance may grant a reasonable extension of time,\nnot to exceed three months, for the filing of any declaration required\npursuant to this section, on such terms and conditions as he may\nrequire.\n 7. Every taxpayer subject to the tax imposed by this part shall pay\nwith the return of tax, if any, required to be filed upon the basis of\nits net income for the preceding calendar year, or with an application\nfor extension of the time for filing such return, an amount equal to\ntwenty-five per centum of the preceding year's tax, if such preceding\nyear's tax exceeded one thousand dollars.\n 8. The estimated tax with respect to which a declaration for such\ncalendar year is required pursuant to this section shall be paid as\nfollows:\n (a) If the declaration is filed on or before June fifteenth, the\nestimated tax shown thereon, after applying thereto the amount, if any,\npaid during the same calendar year pursuant to subdivision seven, shall\nbe paid in three equal installments. One of such installments shall be\npaid at the time of the filing of the declaration, one shall be paid on\nthe following October fifteenth, and one on the following January\nfifteenth.\n (b) If the declaration is filed after June fifteenth and not after\nOctober fifteenth of such calendar year, and is not required to be filed\non or before June fifteenth of such calendar year, the estimated tax\nshown on such declaration, after applying thereto the amount, if any,\npaid during the same calendar year pursuant to subdivision seven, shall\nbe paid in two equal installments. One of such installments shall be\npaid at the time of the filing of the declaration and one shall be paid\non the following January fifteenth.\n (c) If the declaration is filed after October fifteenth of such\ncalendar year, and is not required to be filed on or before October\nfifteenth of such calendar year, the estimated tax shown on such\ndeclaration, after applying thereto the amount, if any, paid in respect\nof such calendar year pursuant to subdivision seven, shall be paid in\nfull at the time of the filing of the declaration.\n (d) If the declaration is filed after the time prescribed therefor, or\nafter the expiration of any extension of time therefor, paragraphs (b)\nand (c) of this subdivision shall not apply, and there shall be paid at\nthe time of such filing all installments of estimated tax payable at or\nbefore 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 9. If any amendment of a declaration is filed, the remaining\ninstallments, if any, shall be ratably increased or decreased (as the\ncase may be) to reflect any increase or decrease in the estimated tax by\nreason of such amendment, and if any amendment is made after October\nfifteenth of the calendar year, any increase in the estimated tax by\nreason thereof shall be paid at the time of making such amendment.\n 10. Any amount paid pursuant to subdivision seven shall be applied\nafter payment as a first installment against the estimated tax of the\ntaxpayer shown on the declaration next required to be filed pursuant to\nthis section or, if no declaration of estimated tax is required to be\nfiled by the taxpayer pursuant to this section, any such amount shall be\nconsidered a payment on account of the tax shown on the return of tax\nrequired to be filed by the taxpayer upon the basis of its net income\nfor the calendar year during which such amount was paid.\n 11. Notwithstanding the provisions of section seventy-nine of this\ntitle or of section three-a of the general municipal law, if any amount\npaid pursuant to subdivision seven, exceeds the tax shown on the return\nrequired to be filed by the taxpayer upon the basis of its net income\nfor the calendar year during which the amount was paid, interest shall\nbe allowed and paid on the amount by which the amount so paid pursuant\nto such subdivision exceeds such tax, at the rate of six per centum per\nannum from the date of payment of the amount so paid pursuant to such\nsubdivision to March fifteenth of the succeeding calendar year,\nprovided, however, that no interest shall be allowed or paid under this\nsubdivision if the amount thereof is less than one dollar.\n 12. As used in this section, "the preceding year's tax" means the tax\nimposed upon the taxpayer by this part upon the basis of its net income\nfor the preceding calendar year, or, for purposes of computing the first\ninstallment of estimated tax when an application has been filed for\nextension of time for filing the return required to be filed for such\npreceding calendar year, the amount properly estimated pursuant to\nsection thirty-four of this part as the tax imposed upon the basis of\nits net income for such calendar year.\n 13. This section shall apply to an income period of less than twelve\nmonths in accordance with regulations of the director of finance.\n 14. The director of finance may grant a reasonable extension of time,\nnot to exceed six months, for payment of any installment of estimated\ntax required pursuant to this section, on such terms and conditions as\nhe may require, including the furnishing of a bond or other security by\nthe taxpayer in an amount not exceeding twice the amount for which any\nextension of time for payment is granted, provided however that interest\nat the rate of six per centum per annum for the period of the extension\nshall be charged and collected on the amount for which any extension of\ntime for payment is granted under this subdivision.\n 15. A taxpayer may elect to pay any installment of estimated tax prior\nto the date prescribed in this section for payment thereof.\n