NY Tax L § 1514 (2021)
2021 New York Laws TAX - Tax Article 33 - Franchise Taxes on Insurance Corporations 1514 - Payments of Estimated Tax.

§  1514. Payments of estimated tax. (a) First installment of estimated tax.  (1)  Except  as  otherwise  provided  in  paragraph  two  of  this subdivision,  for  taxable  years  beginning  on or after January first, nineteen hundred seventy-six, every taxpayer subject to tax  under  this article must pay in each year an amount equal to (i) twenty-five percent of  the  tax imposed under this article 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  this  article  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  exceeded one  thousand  dollars  and the taxpayer is subject to the tax surcharge imposed by section fifteen hundred five-a of this article, the  taxpayer must  also  pay  an  amount  equal to (i) twenty-five percent of the tax surcharge imposed under section fifteen hundred five-a of  this  article for the second preceding taxable 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  taxable year  if  the  second preceding year's tax exceeded one hundred thousand dollars.  (2) For taxable years beginning on or after  January  first,  nineteen hundred  ninety-nine,  every taxpayer subject to tax under paragraph one of subdivision (b) of section fifteen hundred ten of this article  shall pay  in  each  such  year  an  amount  equal to forty percent of the tax imposed under such article for the second  preceding  taxable  year,  if such  second preceding year's tax exceeded one thousand dollars. If such second preceding year's tax  exceeded  one  thousand  dollars  and  such taxpayer  is  subject  to  the  tax surcharge imposed by section fifteen hundred five-a of this article, such taxpayer shall also pay  an  amount equal  to  forty  percent  of  the  tax  surcharge imposed under section fifteen hundred five-a of this article for the second preceding  taxable year.  (3) Such amount or amounts described in paragraphs one and two of this subdivision  shall  be  paid  with  the return required to be filed with respect to such tax or tax surcharge for the preceding taxable  year  or with  an  application  for extension of the time for filing such return, for taxable years beginning before January first, two thousand  sixteen, and  shall  be paid on or before the fifteenth day of the third month of each taxable year, for taxable  years  beginning  on  or  after  January first, two thousand sixteen.  (b)  Other  installments. 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:  (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 taxable year pursuant to subdivision (a) 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.  (2)  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 amounts, if any, paid during the same taxable year pursuant to subdivision  (a)  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.  (3)  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 (a) of this section 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 two and three 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) Payments after amendment 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  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.  (d)  (1)  Application  of first installments based on second preceding year's tax. Any amount paid pursuant to subdivision (a) 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 fifteen hundred thirteen, 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 required to be filed by the  taxpayer  for such taxable year.  (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  fifteen  hundred  thirteen  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  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 section sixteen  of  the  state  finance law,  if  an  amount  paid  pursuant  to subdivision (a) of this section exceeds the tax or tax surcharge,  respectively,  shown  on  the  return 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 (a) 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 (a) 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 or if such interest becomes payable solely because of a loss described in paragraph four of subdivision (b) of  section  fifteen hundred three.  (f)  The second preceding year's tax defined. As used in this section, "the second preceding year's tax" means, for taxpayers  subject  to  tax under  subdivision  (b)  of section fifteen hundred ten of this article, the taxes imposed upon the taxpayer by sections fifteen hundred one  and fifteen  hundred  ten  of this article from the second preceding taxable year or as otherwise determined by subdivision (b)  of  section  fifteen hundred  five  of  this  article, and for taxpayers subject to tax under section fifteen hundred two-a of this article, the tax imposed upon  the taxpayer  by such section fifteen hundred two-a of this article from the second preceding year.  (g) Fiscal year. The provisions of this section shall apply to taxable years 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.  (h) Application to short taxable period. This section shall apply to a taxable period of less than twelve months in accordance with regulations of the tax commission.  (i) Extension of time. 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.  (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 the payment thereof.