§ 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
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