§ 7 — Declaration of estimated tax

New York § 7

• Jurisdiction: New York
• Law GCM: General City Model 772/66
• Part 2: General Corporation Tax

Text

§ 7. Declaration of estimated tax. 1. Every taxpayer subject to the\ntax imposed by section three of this part shall make a declaration of\nits estimated tax for the current privilege period, containing such\ninformation as the director of finance may prescribe by regulations or\ninstructions, if such estimated tax can reasonably be expected to exceed\none thousand dollars.\n 2. The term "estimated tax" means the amount which a taxpayer\nestimates to be the tax imposed by section three of this part for the\ncurrent privilege period, less the amount which it estimates to be the\nsum of any credits allowable against the tax other than the credit\nallowable under section four-a of this part.\n 3. A declaration of estimated tax shall be filed on or before June\nfifteenth of the current privilege period in the case of a taxpayer\nwhich reports on the basis of a calendar year, except that if the\nrequirements of subdivision one are first met:\n (a) after June first and before October second of such current\nprivilege period, the declaration shall be filed on or before October\nfifteenth, or\n (b) after October first of such current privilege period, the\ndeclaration shall be filed on or before January fifteenth of the\nsucceeding 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 in the\ncase of a taxpayer which reports on the basis of a calendar year, a\ntaxpayer files its report for the year for which the declaration is\nrequired, and pays therewith the balance, if any, of the full amount of\nthe tax shown to be due on the report,\n (a) such report shall be considered as its declaration if no\ndeclaration was required to be filed during the calendar or fiscal year\nfor which the tax was imposed, but is otherwise required to be filed on\nor before the fifteenth day of the first month of the succeeding year\npursuant to subdivision three, and\n (b) such report shall be considered as the amendment permitted by\nsubdivision four to be filed on or before the fifteenth day of the first\nmonth of the succeeding year if the tax shown on the report is greater\nthan the estimated tax shown on a declaration previously made.\n 6. This section shall apply to privilege periods of twelve months\nother than a calendar year by the substitution of the months of such\nfiscal year for the corresponding months specified in this section.\n 7. If the privilege period for which a tax is imposed by section three\nof this part is less than twelve months, every taxpayer required to make\na declaration of estimated tax for such privilege period shall make such\na declaration in accordance with regulations of the director of finance.\n 8. 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 it may\nrequire.\n