N.Y. TAX Law § 1514 — New York Code / Act TAX / Article 33 / Section 1514
Payments of estimated tax
Status: in_force

§ 1514. Payments of estimated tax. (a) First installment of estimated\ntax. (1) Except as otherwise provided in paragraph two of this\nsubdivision, for taxable years beginning on or after January first,\nnineteen hundred seventy-six, every taxpayer subject to tax under this\narticle must pay in each year an amount equal to (i) twenty-five percent\nof the tax imposed under this article for the second preceding taxable\nyear if the second preceding year's tax exceeded one thousand dollars\nbut was equal to or less than one hundred thousand dollars, or (ii)\nforty percent of the tax imposed under this article for the second\npreceding taxable year if the second preceding year's tax exceeded one\nhundred thousand dollars. If the second preceding year's tax exceeded\none thousand dollars and the taxpayer is subject to the tax surcharge\nimposed by section fifteen hundred five-a of this article, the taxpayer\nmust also pay an amount equal to (i) twenty-five percent of the tax\nsurcharge imposed under section fifteen hundred five-a of this article\nfor the second preceding taxable year if the second preceding year's tax\nwas equal to or less than one hundred thousand dollars, or (ii) forty\npercent of the tax surcharge imposed for the second preceding taxable\nyear if the second preceding year's tax exceeded one hundred thousand\ndollars.\n  (2) For taxable years beginning on or after January first, nineteen\nhundred ninety-nine, every taxpayer subject to tax under paragraph one\nof subdivision (b) of section fifteen hundred ten of this article shall\npay in each such year an amount equal to forty percent of the tax\nimposed under such article for the second preceding taxable year, if\nsuch second preceding year's tax exceeded one thousand dollars. If such\nsecond preceding year's tax exceeded one thousand dollars and such\ntaxpayer is subject to the tax surcharge imposed by section fifteen\nhundred five-a of this article, such taxpayer shall also pay an amount\nequal to forty percent of the tax surcharge imposed under section\nfifteen hundred five-a of this article for the second preceding taxable\nyear.\n  (3) Such amount or amounts described in paragraphs one and two of this\nsubdivision shall be paid with the return required to be filed with\nrespect to such tax or tax surcharge for the preceding taxable year or\nwith an application for extension of the time for filing such return,\nfor taxable years beginning before January first, two thousand sixteen,\nand shall be paid on or before the fifteenth day of the third month of\neach taxable year, for taxable years beginning on or after January\nfirst, two thousand sixteen.\n  (b) Other installments. The estimated tax or estimated tax surcharge\nfor each taxable year with respect to which a declaration of estimated\ntax or a declaration of estimated tax surcharge, respectively, is\nrequired to be filed under this article shall be paid, in the case of a\ntaxpayer which reports on the basis of a calendar year, 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 taxable year pursuant\nto subdivision (a) of this section, shall be paid in three equal\ninstallments. One of such installments shall be paid at the time of the\nfiling of the declaration, one shall be paid on the following September\nfifteenth, and one on the following December fifteenth.\n  (2) If the declaration is filed after June fifteenth and not after\nSeptember fifteenth of such taxable year, and is not required to be\nfiled on or before June fifteenth of such year the estimated tax or\nestimated tax surcharge shown on such declaration, after applying\nthereto the amounts, if any, paid during the same taxable year pursuant\nto subdivision (a) of this section, shall be paid in two equal\ninstallments. One of such installments shall be paid at the time of the\nfiling of the declaration and one shall be paid on the following\nDecember fifteenth.\n  (3) If the declaration is filed after September fifteenth of such\ntaxable year, and is not required to be filed on or before September\nfifteenth of such year, the estimated tax or estimated tax surcharge\nshown on such declaration, after applying thereto the amount, if any,\npaid in respect of such year pursuant to subdivision (a) of this section\nshall 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 two\nand three 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) Payments after amendment of declaration. If any amendment of a\ndeclaration is filed, the remaining installments, if any, shall be\nratably increased or decreased (as the case may be) to reflect any\nincrease or decrease in the estimated tax or estimated tax surcharge by\nreason of such amendment, and if any amendment is made after September\nfifteenth of the taxable year, any increase in the estimated tax or\nestimated tax surcharge by reason thereof shall be paid at the time of\nmaking such amendment.\n  (d) (1) Application of first installments based on second preceding\nyear's tax. Any amount paid pursuant to subdivision (a) shall be applied\nas a first installment against the estimated tax or estimated tax\nsurcharge, respectively, of the taxpayer for the taxable year shown on\nthe declaration required to be filed pursuant to section fifteen hundred\nthirteen, or if no declaration is filed pursuant to such section, any\nsuch amount shall be considered a payment on account of the tax or tax\nsurcharge shown on the return required to be filed by the taxpayer for\nsuch taxable year.\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 fifteen hundred thirteen of\nthis article, or if no declaration is filed pursuant to such section,\nany such amount shall be considered a payment on account of the tax\nshown on the return required to be filed by the taxpayer for such\ntaxable 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 section sixteen of the state finance\nlaw, if an amount paid pursuant to subdivision (a) of this section\nexceeds the tax or tax surcharge, respectively, shown on the return\nrequired to be filed by the taxpayer for the taxable year during which\nsuch amount was paid, interest shall be allowed and paid on the amount\nby which the amount so paid pursuant to subdivision (a) exceeds such tax\nor tax surcharge, at the overpayment rate set by the commissioner of\ntaxation and finance pursuant to subdivision (e) of section one thousand\nninety-six or, if no rate is set, at the rate of six percent per annum,\nfrom the date of payment of the amount so paid pursuant to such\nsubdivision (a) to the fifteenth day of the third month following the\nclose of the taxable year, provided, however, that no interest shall be\nallowed or paid under this subdivision if the amount thereof is less\nthan one dollar or if such interest becomes payable solely because of a\nloss described in paragraph four of subdivision (b) of section fifteen\nhundred three.\n  (f) The second preceding year's tax defined. As used in this section,\n"the second preceding year's tax" means, for taxpayers subject to tax\nunder subdivision (b) of section fifteen hundred ten of this article,\nthe taxes imposed upon the taxpayer by sections fifteen hundred one and\nfifteen hundred ten of this article from the second preceding taxable\nyear or as otherwise determined by subdivision (b) of section fifteen\nhundred five of this article, and for taxpayers subject to tax under\nsection fifteen hundred two-a of this article, the tax imposed upon the\ntaxpayer by such section fifteen hundred two-a of this article from the\nsecond preceding year.\n  (g) Fiscal year. The provisions of this section shall apply to taxable\nyears of twelve months other than a calendar year by the substitution of\nthe months of such fiscal year for the corresponding months specified in\nsuch provisions.\n  (h) Application to short taxable period. This section shall apply to a\ntaxable period of less than twelve months in accordance with regulations\nof the tax commission.\n  (i) Extension of time. The commissioner of taxation and finance may\ngrant a reasonable extension of time, not to exceed six months, for the\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\ninterest at the underpayment rate set by the commissioner pursuant to\nsubdivision (e) of section one thousand ninety-six or, if no rate is\nset, at the rate of six percent per annum for the period of the\nextension, shall be charged and collected on the amount for which any\nextension of time for payment 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 the payment thereof.\n