NY Tax L § 213-B (2021)
2021 New York Laws TAX - Tax Article 9-A - Franchise Tax on Business Corporations 213-B - Payments on Account of Estimated Tax.

§   213-b.   Payments   on  account  of  estimated  tax.--  (a)  First installments for certain  taxpayers.--In  privilege  periods  of  twelve months  ending  at  any  time  during the calendar year nineteen hundred seventy and thereafter, every taxpayer subject to  the  tax  imposed  by section  two  hundred  nine  of  this  chapter  must pay with the report required to be filed for the preceding  privilege  period,  or  with  an application for extension of the time for filing the report, for taxable years beginning before January first, two thousand sixteen, and must pay on  or  before  the  fifteenth  day of the third month of such privilege periods, for taxable years beginning on  or  after  January  first,  two thousand  sixteen,  an  amount  equal  to (i) twenty-five percent of the second preceding year's tax if the second preceding year's tax  exceeded one  thousand dollars but was equal to or less than one hundred thousand dollars, or (ii) forty percent of the second preceding year's tax if the second preceding year's tax exceeded one hundred  thousand  dollars.  If the  second  preceding year's tax under section two hundred nine of this chapter exceeded one thousand dollars and the taxpayer is subject to the tax surcharge imposed by section two hundred nine-B of this chapter, the taxpayer must also pay with the tax  surcharge  report  required  to  be filed  for the second preceding privilege period, or with an application for extension of the time for  filing  the  report,  for  taxable  years beginning before January first, two thousand sixteen, and must pay on or before  the  fifteenth day of the third month of such privilege periods, for taxable years beginning on or  after  January  first,  two  thousand sixteen, an amount equal to (i) twenty-five percent of the tax surcharge imposed for the second preceding year if the second preceding year's tax was  equal  to  or less than one hundred thousand dollars, or (ii) forty percent of the tax surcharge imposed for the second  preceding  year  if the  second  preceding year's tax exceeded one hundred thousand dollars. Provided, however, that every taxpayer that is a New York S  corporation must  pay  with  the  report  required  to  be  filed  for the preceding privilege period, or with an application for extension of the  time  for filing  the  report,  an  amount equal to (i) twenty-five percent of the preceding year's tax if the preceding year's tax exceeded  one  thousand dollars  but  was equal to or less than one hundred thousand dollars, or (ii) forty percent of the preceding year's tax if the  preceding  year's tax exceeded one hundred thousand dollars.  (b)  Other installments.--In privilege periods of twelve months ending at any time during  the  calendar  year  nineteen  hundred  seventy  and thereafter,  the  estimated tax or estimated tax surcharge, with respect to which a declaration for such privilege period is  required  shall  be paid, in the case of a taxpayer which reports on the basis of a calendar year, as follows:  (1)  If  the  declaration  is  filed  on or before June fifteenth, the estimated tax or estimated tax surcharge shown thereon,  after  applying thereto  the  amount,  if  any,  paid  during  the same privilege period pursuant to subdivision (a), shall be paid in three equal  installments. One  of such installments shall be paid at the time of the filing of the declaration, one shall be paid on the following September fifteenth, and one on the following December fifteenth.  (2) If the declaration is filed after June  fifteenth  and  not  after September  fifteenth of such privilege period, and is not required to be filed on or before June fifteenth of such period, the estimated  tax  or estimated  tax  surcharge  shown  on  such  declaration,  after applying thereto the amount, if  any,  paid  during  the  same  privilege  period pursuant  to  subdivision  (a), shall be paid in two equal installments. One of such installments shall be paid at the time of the filing of  the declaration and one shall be paid on the following December fifteenth.  (3)  If  the  declaration  is  filed after September fifteenth of such privilege period, and is not required to be filed on or before September fifteenth of such privilege period, the estimated tax or  estimated  tax surcharge  shown on such declaration, after applying thereto the amount, if any, paid in respect of such privilege period pursuant to subdivision (a), shall be paid in full at the time of the filing of the declaration.  (4) If the declaration is filed after the time prescribed therefor, or after  the  expiration of any extension of time therefor, paragraphs (2) and (3) of this subdivision shall not apply, and there shall be paid  at the  time  of such filing all installments of estimated tax or estimated tax surcharge  payable  at  or  before  such  time,  and  the  remaining installments  shall be paid at the times at which, and in the amounts in which, they would have been payable if the declaration  had  been  filed when due.  (c)  Amendments  of declaration.--If any amendment of a declaration is filed, the remaining installments, if any, shall be ratably increased or decreased (as the case may be) to reflect any increase  or  decrease  in the  estimated  tax  or  estimated  tax  surcharge  by  reason  of  such amendment, and if any amendment is made after September fifteenth of the privilege period, any increase in the estimated  tax  or  estimated  tax surcharge  by  reason  thereof  shall be paid at the time of making such amendment.  (d) Application of installments based on the second  preceding  year's tax.--(1)  Any  amount paid pursuant to subdivision (a) shall be applied after payment as a  first  installment  against  the  estimated  tax  or estimated  tax  surcharge, respectively, of the taxpayer for the current privilege period shown on the declaration required to be filed  pursuant to  section two hundred thirteen-a of this chapter or, if no declaration of estimated tax or a declaration of estimated tax surcharge is required to be filed by the taxpayer pursuant to such section,  any  such  amount shall  be  considered  a  payment on account of the tax or tax surcharge shown on the report required to  be  filed  by  the  taxpayer  for  such privilege period.  (2)  Any  amount  paid pursuant to paragraph four of subsection (c) of section six hundred fifty-eight of this chapter on behalf of a  taxpayer subject to tax under this article shall be applied against the estimated tax  of  the  taxpayer  for  the  taxable  year shown on the declaration required to be filed pursuant to section two hundred thirteen-a of  this article,  or  if  no  declaration is filed pursuant to such section, any such amount shall be considered a payment on account of the tax  on  the return required to be filed by the taxpayer for such taxable year.  (e)  Interest  on  certain  installments based on the second preceding year's tax.--Notwithstanding the  provisions  of  section  one  thousand eighty-eight  of this chapter or of section sixteen of the state finance law, if an amount paid pursuant to subdivision (a) exceeds  the  tax  or tax surcharge, respectively, shown on the report required to be filed by the  taxpayer for the privilege period during which the amount was paid, interest shall be allowed and paid on the amount by which the amount  so paid  pursuant to such subdivision exceeds such tax or tax surcharge. In the case of amounts so paid pursuant to subdivision (a),  such  interest shall   be  allowed  and  paid  at  the  overpayment  rate  set  by  the commissioner of taxation and finance pursuant to  section  one  thousand ninety-six of this chapter, or if no rate is set, at the rate of six per centum per annum from the date of payment of the amount so paid pursuant to  such  subdivision to the fifteenth day of the fourth month following the close of the taxable year, provided, however, that no interest shall be allowed or paid under this subdivision if the amount thereof is  less  than  one dollar or if such interest becomes payable solely because of a carryback of a net operating loss in a subsequent privilege period.  (f)  The  preceding  year's  tax  and  the second preceding year's tax defined.-- As used in this section, "the preceding year's tax" means the tax imposed upon the taxpayer  by  section  two  hundred  nine  of  this article  for  the preceding calendar or fiscal year, or, for purposes of computing the first installment of estimated tax when an application has been filed for extension of the time for filing the report  required  to be filed for such preceding calendar or fiscal year, the amount properly estimated  pursuant  to  section two hundred thirteen of this article as the tax imposed upon the taxpayer for such calendar or fiscal  year.  As used  in  this  section, "the second preceding year's tax" means the tax imposed upon the taxpayer by section two hundred nine  of  this  article for the second preceding calendar or fiscal year.  (g)  Application  to short privilege period.--This section shall apply to a privilege period of less than  twelve  months  in  accordance  with regulations of the tax commission.  (h)  Fiscal  year.--The  provisions  of  this  section  shall apply to privilege periods of twelve months other than a  calendar  year  by  the substitution  of  the  months  of such fiscal year for the corresponding months specified in such provisions.  (i) Extension of time.--The commissioner of taxation and  finance  may grant  a  reasonable  extension  of  time, not to exceed six months, for payment of any installment of estimated tax or estimated  tax  surcharge required  pursuant  to  this section, on such terms and conditions as he may require, including the furnishing of a bond or other security by the taxpayer in an amount not exceeding  twice  the  amount  for  which  any extension of time for payment is granted, provided however that interest at the underpayment rate set by the commissioner pursuant to section one thousand  ninety-six  of this chapter, or if no rate is set, at the rate of six per centum per annum for the period of  the  extension  shall  be charged  and collected on the amount for which any extension of time for payment is granted under this subdivision.  (j) Payment of installments in advance.--A taxpayer may elect  to  pay any installment of estimated tax or estimated tax surcharge prior to the date prescribed in this section for payment thereof.