NY Tax L § 197-B (2021)
2021 New York Laws TAX - Tax Article 9 - Corporation Tax 197-B - Payments of Estimated Tax.

§ 197-b. Payments of estimated tax. 1. (a) For taxable years beginning on  or  after  January  first,  nineteen  hundred  seventy-seven,  every taxpayer subject to tax  under  section  one  hundred  eighty-four,  one hundred  eighty-six-a  or one hundred eighty-six-e of this article, must pay in each year an amount equal to (i) twenty-five percent of  the  tax imposed  under  each  of  such sections for the second preceding taxable year 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 tax imposed under any of  these  sections  for  the second  preceding  taxable  year  if  the  second  preceding  year's tax exceeded one hundred thousand dollars. If the  second  preceding  year's tax  under  section one hundred eighty-four, one hundred eighty-six-a or one hundred eighty-six-e of this article exceeded one  thousand  dollars and  the taxpayer is subject to the tax surcharge imposed by section one hundred eighty-four-a or  one  hundred  eighty-six-c  of  this  article, respectively,  the  taxpayer  must  also pay in each such year an amount equal to (i) twenty-five percent of the tax surcharge imposed under such section for the second preceding taxable year 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 tax surcharge imposed under that section for the second preceding taxable year if  the second  preceding  year's tax exceeded one hundred thousand dollars. The amount or amounts must be paid with the return or report required to  be filed with respect to the tax or tax surcharge for the preceding taxable year  or  with  an  application for extension of the time for filing the return or report, for taxable years beginning before January first,  two thousand  sixteen.  The amount or amounts that must be paid with respect to the tax or tax surcharge for the second preceding year must  be  paid on or before the fifteenth day of the third month following the close of the taxable year, for taxable years beginning on or after January first, two thousand sixteen.  (b)  Notwithstanding  any  other  provision  of  this  article  to the contrary, any taxpayer required under this subdivision to pay an  amount equal  to  twenty-five percent of its tax for the taxable year ending on December thirty-first, nineteen hundred seventy-six shall  compute  such amount  as if its tax for such taxable year were determined on the basis of its gross earnings, dividends paid, gross income or  gross  operating income,  as  the  case  may  be,  for either the preceding twelve months ending on such date or for the period from the date of its incorporation under the laws of this state or the date it  commenced  carrying  on  or doing  business  in  New  York  to  and including December thirty-first, nineteen  hundred  seventy-six,  if  such  date  of   incorporation   or commencement  of the carrying on or doing business was within the twelve months immediately preceding  December  thirty-first,  nineteen  hundred seventy-six.   2.  The estimated tax or estimated tax surcharge for each taxable year with respect to which a declaration of estimated tax or a declaration of estimated tax surcharge, respectively, is required  to  be  filed  under this  article  shall be paid, in the case of a taxpayer which reports on the basis of a calendar year, as follows:  (a) 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 taxable  year  pursuant to  subdivision  one  of  this  section,  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.  (b) If the declaration is filed after June  fifteenth  and  not  after September  fifteenth  of  such  taxable  year, and is not required to be filed on or before June fifteenth of such year,  the  estimated  tax  or estimated  tax  surcharge  shown  on  such  declaration,  after applying thereto  the  amount, if any, paid during the same taxable year pursuant to subdivision  one  of  this  section,  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.  (c)  If  the  declaration  is  filed after September fifteenth of such taxable year, and is not required to be filed  on  or  before  September fifteenth  of  such  year,  the estimated tax or estimated tax surcharge shown on such declaration, after applying thereto the  amount,  if  any, paid in respect of such year pursuant to subdivision one of this section shall be paid in full at the time of the filing of the declaration.  (d) If the declaration is filed after the time prescribed therefor, or after  the  expiration of any extension of time therefor, paragraphs (b) and (c) 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.   3.  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  taxable  year,  any increase  in  the  estimated  tax  or  estimated tax surcharge by reason thereof shall be paid at the time of making such amendment.   4. Any amount paid pursuant to subdivision one shall be applied  as  a first  installment against the estimated tax or estimated tax surcharge, respectively, of  the  taxpayer  for  the  taxable  year  shown  on  the declaration  required  to  be  filed  pursuant  to  section  one hundred ninety-seven-a of this chapter, or if no declaration is  filed  pursuant to  such  section,  any  such  amount  shall  be considered a payment on account of the tax or tax  surcharge  shown  on  the  return  or  report required to be filed by the taxpayer for such taxable year.   5. Notwithstanding the provisions of section one thousand eighty-eight of  this  chapter  or  section  sixteen  of the state finance law, if an amount paid pursuant to subdivision one of this section exceeds the  tax or  tax  surcharge, respectively, shown on the return or report required to be filed by the taxpayer for  the  taxable  year  during  which  such amount  was  paid,  interest  shall be allowed and paid on the amount by which the amount so paid pursuant to subdivision one exceeds such tax or tax surcharge, at the  overpayment  rate  set  by  the  commissioner  of taxation and finance pursuant to subdivision (e) of section one thousand ninety-six  or, if no rate is set, at the rate of six percent per annum, from the date of  payment  of  the  amount  so  paid  pursuant  to  such subdivision  one  to  the fifteenth day of the third 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.   6. As used in this section, "the second preceding  year's  tax"  means the  tax  imposed  upon the taxpayer by section one hundred eighty-four, one hundred eighty-six-a or one hundred eighty-six-e of this article for the second preceding taxable year.    7. This section shall apply to a taxable period of  less  than  twelve months in accordance with regulations of the tax commission.   8.  The  commissioner  of  taxation and finance may grant a reasonable extension of time, not to exceed six months,  for  the  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 subdivision  (e)  of  section  one thousand ninety-six or, if no rate is set, at the rate of  six  percent  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.   9. 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.   10.  The  provisions of this section shall apply to taxable 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.   11. 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 one hundred ninety-seven-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 shown on the report required to  be  filed  by  the  taxpayer  for  such taxable year.