§ 213-B — Payments on account of estimated tax

New York § 213-B

• Jurisdiction: New York
• Law TAX: Tax
• Art. 9-A: Franchise Tax On Business Corporations

Text

§ 213-b. Payments on account of estimated tax.-- (a) First\ninstallments for certain taxpayers.--In privilege periods of twelve\nmonths ending at any time during the calendar year nineteen hundred\nseventy and thereafter, every taxpayer subject to the tax imposed by\nsection two hundred nine of this article must pay with the report\nrequired to be filed for the preceding privilege period, or with an\napplication for extension of the time for filing the report, for taxable\nyears beginning before January first, two thousand sixteen, and must pay\non or before the fifteenth day of the third month of such privilege\nperiods, for taxable years beginning on or after January first, two\nthousand sixteen, an amount equal to (i) twenty-five percent of the\nsecond preceding year's tax if the second preceding year's tax exceeded\none thousand dollars for taxable years beginning before January first,\ntwo thousand twenty-six, or five thousand dollars for taxable years\nbeginning on or after January first, two thousand twenty-six, but was\nequal to or less than one hundred thousand dollars, or (ii) forty\npercent of the second preceding year's tax if the second preceding\nyear's tax exceeded one hundred thousand dollars. If the second\npreceding year's tax under section two hundred nine of this article\nexceeded one thousand dollars for taxable years beginning before January\nfirst, two thousand twenty-six, or five thousand dollars for taxable\nyears beginning on or after January first, two thousand twenty-six, and\nthe taxpayer is subject to the tax surcharge imposed by section two\nhundred nine-B of this article, the taxpayer must also pay with the tax\nsurcharge report required to be filed for the second preceding privilege\nperiod, or with an application for extension of the time for filing the\nreport, for taxable years beginning before January first, two thousand\nsixteen, and must pay on or before the fifteenth day of the third month\nof such privilege periods, for taxable years beginning on or after\nJanuary first, two thousand sixteen, an amount equal to (i) twenty-five\npercent of the tax surcharge imposed for the second preceding year if\nthe second preceding year's tax was equal to or less than one hundred\nthousand dollars, or (ii) forty percent of the tax surcharge imposed for\nthe second preceding year if the second preceding year's tax exceeded\none hundred thousand dollars. Provided, however, that every taxpayer\nthat is a New York S corporation must pay with the report required to be\nfiled for the preceding privilege period, or with an application for\nextension of the time for filing the report, an amount equal to (i)\ntwenty-five percent of the preceding year's tax if the preceding year's\ntax exceeded one thousand dollars for taxable years beginning before\nJanuary first, two thousand twenty-six, or five thousand dollars for\ntaxable years beginning on or after January first, two thousand\ntwenty-six, but was equal to or less than one hundred thousand dollars,\nor (ii) forty percent of the preceding year's tax if the preceding\nyear's tax exceeded one hundred thousand dollars.\n (b) Other installments.--In privilege periods of twelve months ending\nat any time during the calendar year nineteen hundred seventy and\nthereafter, the estimated tax or estimated tax surcharge, with respect\nto which a declaration for such privilege period is required shall be\npaid, in the case of a taxpayer which reports on the basis of a calendar\nyear, as follows:\n (1) If the declaration is filed on or before June fifteenth, the\nestimated tax or estimated tax surcharge shown thereon, after applying\nthereto the amount, if any, paid during the same privilege period\npursuant to subdivision (a), shall be paid in three equal installments.\nOne of such installments shall be paid at the time of the filing of the\ndeclaration, one shall be paid on the following September fifteenth, and\none on the following December fifteenth.\n (2) If the declaration is filed after June fifteenth and not after\nSeptember fifteenth of such privilege period, and is not required to be\nfiled on or before June fifteenth of such period, the estimated tax or\nestimated tax surcharge shown on such declaration, after applying\nthereto the amount, if any, paid during the same privilege period\npursuant to subdivision (a), shall be paid in two equal installments.\nOne of such installments shall be paid at the time of the filing of the\ndeclaration and one shall be paid on the following December fifteenth.\n (3) If the declaration is filed after September fifteenth of such\nprivilege period, and is not required to be filed on or before September\nfifteenth of such privilege period, the estimated tax or estimated tax\nsurcharge shown on such declaration, after applying thereto the amount,\nif any, paid in respect of such privilege period pursuant to subdivision\n(a), shall be paid in full at the time of the filing of the declaration.\n (4) If the declaration is filed after the time prescribed therefor, or\nafter the expiration of any extension of time therefor, paragraphs (2)\nand (3) of this subdivision shall not apply, and there shall be paid at\nthe time of such filing all installments of estimated tax or estimated\ntax surcharge payable at or before such time, and the remaining\ninstallments shall be paid at the times at which, and in the amounts in\nwhich, they would have been payable if the declaration had been filed\nwhen due.\n (c) 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 or estimated tax surcharge by reason of such\namendment, and if any amendment is made after September fifteenth of the\nprivilege period, any increase in the estimated tax or estimated tax\nsurcharge by reason thereof shall be paid at the time of making such\namendment.\n (d) Application of installments based on the second preceding year's\ntax.--(1) Any amount paid pursuant to subdivision (a) shall be applied\nafter payment as a first installment against the estimated tax or\nestimated tax surcharge, respectively, of the taxpayer for the current\nprivilege period shown on the declaration required to be filed pursuant\nto section two hundred thirteen-a of this chapter or, if no declaration\nof estimated tax or a declaration of estimated tax surcharge is required\nto be filed by the taxpayer pursuant to such section, any such amount\nshall be considered a payment on account of the tax or tax surcharge\nshown on the report required to be filed by the taxpayer for such\nprivilege period.\n (2) Any amount paid pursuant to paragraph four of subsection (c) of\nsection six hundred fifty-eight of this chapter on behalf of a taxpayer\nsubject to tax under this article shall be applied against the estimated\ntax of the taxpayer for the taxable year shown on the declaration\nrequired to be filed pursuant to section two hundred thirteen-a of this\narticle, or if no declaration is filed pursuant to such section, any\nsuch amount shall be considered a payment on account of the tax on the\nreturn required to be filed by the taxpayer for such taxable year.\n (e) Interest on certain installments based on the second preceding\nyear's tax.--Notwithstanding the provisions of section one thousand\neighty-eight of this chapter or of section sixteen of the state finance\nlaw, if an amount paid pursuant to subdivision (a) exceeds the tax or\ntax surcharge, respectively, shown on the report required to be filed by\nthe taxpayer for the privilege period during which the amount was paid,\ninterest shall be allowed and paid on the amount by which the amount so\npaid pursuant to such subdivision exceeds such tax or tax surcharge. In\nthe case of amounts so paid pursuant to subdivision (a), such interest\nshall be allowed and paid at the overpayment rate set by the\ncommissioner of taxation and finance pursuant to section one thousand\nninety-six of this chapter, or if no rate is set, at the rate of six per\ncentum per annum from the date of payment of the amount so paid pursuant\nto such subdivision to the fifteenth day of the fourth month following\nthe close of the taxable year, provided, however, that no interest shall\nbe allowed or paid under this subdivision if the amount thereof is less\nthan one dollar or if such interest becomes payable solely because of a\ncarryback of a net operating loss in a subsequent privilege period.\n (f) The preceding year's tax and the second preceding year's tax\ndefined.-- As used in this section, "the preceding year's tax" means the\ntax imposed upon the taxpayer by section two hundred nine of this\narticle for the preceding calendar or fiscal year, or, for purposes of\ncomputing the first installment of estimated tax when an application has\nbeen filed for extension of the time for filing the report required to\nbe filed for such preceding calendar or fiscal year, the amount properly\nestimated pursuant to section two hundred thirteen of this article as\nthe tax imposed upon the taxpayer for such calendar or fiscal year. As\nused in this section, "the second preceding year's tax" means the tax\nimposed upon the taxpayer by section two hundred nine of this article\nfor the second preceding calendar or fiscal year.\n (g) Application to short privilege period.--This section shall apply\nto a privilege period of less than twelve months in accordance with\nregulations of the tax commission.\n (h) Fiscal year.--The provisions of this section shall apply to\nprivilege periods of twelve months other than a calendar year by the\nsubstitution of the months of such fiscal year for the corresponding\nmonths specified in such provisions.\n (i) Extension of time.--The commissioner of taxation and finance may\ngrant a reasonable extension of time, not to exceed six months, for\npayment of any installment of estimated tax or estimated tax surcharge\nrequired pursuant to this section, on such terms and conditions as he\nmay require, including the furnishing of a bond or other security by the\ntaxpayer in an amount not exceeding twice the amount for which any\nextension of time for payment is granted, provided however that interest\nat the underpayment rate set by the commissioner pursuant to section one\nthousand ninety-six of this chapter, or if no rate is set, at the rate\nof six per centum per annum for the period of the extension shall be\ncharged and collected on the amount for which any extension of time for\npayment is granted under this subdivision.\n (j) Payment of installments in advance.--A taxpayer may elect to pay\nany installment of estimated tax or estimated tax surcharge prior to the\ndate prescribed in this section for payment thereof.\n