§ 871 — Payment of estimated tax

§ 871. Payment of estimated tax. (a) Definition of estimated tax.\nEstimated tax means the amount that an electing city partnership or\nelecting city resident S corporation estimates to be the tax imposed by\nsection eight hundred sixty-nine of this article for the current taxable\nyear.\n (b) General. Except as provided in subsection (c) of this section, the\nestimated tax shall be paid as follows for an electing city partnership\nand an electing city resident S corporation:\n (1) The estimated tax shall be paid in four equal installments on\nMarch fifteenth, June fifteenth, September fifteenth and December\nfifteenth in the calendar year prior to the year in which the due date\nof the return required by this article falls.\n (2) The amount of any required installment shall be twenty-five\npercent of the required annual payment.\n (3) Without regard to paragraph four of subsection (c) of section six\nhundred eighty-five of this chapter, the required annual payment is the\nlesser of: (A) ninety percent of the tax shown on the return for the\ntaxable year; or (B) one hundred percent of the tax shown on the return\nof the electing city partnership or electing city resident S corporation\nfor the preceding taxable year.\n (c) Application to short taxable year. This section shall apply to a\ntaxable year of less than twelve months in accordance with procedures\nestablished by the commissioner.\n (d) Installments paid in advance. An electing city partnership or\nelecting city resident S corporation may elect to pay any installment of\nits estimated tax prior to the date prescribed for the payment thereof.\n