2023 New York Laws › TAX - Tax › Article 13 - Tax on Unrelated Business Income › 294 - Returns and Payment of Tax.

§  294. Returns and payment of tax. (a) Every taxpayer and every other
organization or trust, other  than  an  employee's  trust  described  in
section  four  hundred  one (a) of the internal revenue code of nineteen
hundred fifty-four, which is subject to the  federal  tax  on  unrelated
business  income  having  an  officer,  agent, trustee or representative
within the state shall, on or before the  fifteenth  day  of  the  fifth
month  following the close of each of its taxable years, make and file a
return with the tax commission setting forth such information as the tax
commission may prescribe.  Every employee's trust described  in  section
four  hundred one (a) of such code shall make and file a return with the
tax commission on or before  the  fifteenth  day  of  the  fourth  month
following  the  close of the trust's taxable year.  Every taxpayer which
ceases to be subject to the tax imposed by this article shall  make  and
file  a return with the tax commission on the date of such cessation, or
at such other time which the tax commission may require,  covering  each
taxable  year  or  period  for  which  no  return was theretofore filed,
setting forth such information as the tax commission may require.  Every
taxpayer shall also file such other returns and furnish such other facts
and  information as the tax commission may require in the administration
of this article.
(b) (1) An automatic extension of six months for  the  filing  of  its
annual  return  shall  be  allowed  any  taxpayer,  if,  within the time
prescribed by the preceding paragraph, such taxpayer files with the  tax
commission  an  application  for  extension,  in  such  form as said tax
commission may prescribe by regulation, and pays, on or before the  date
of such filing, the amount properly estimated as its tax, as provided in
paragraph two of this subdivision.
(2)  If  a  taxpayer, within the time prescribed by subdivision (a) of
this section, shall have applied for an automatic extension of  time  to
file  its  annual  return  and  shall  have  paid to the commissioner of
taxation and finance on or before the date such application is filed  an
amount  properly  estimated as hereinafter provided in this subdivision,
the only amount payable in addition to the tax shall be 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 cent per year, upon the amount  by  which  the  tax,  or  the
portion thereof payable on or before the date the return was required to
be  filed (determined without regard to any extension of time for filing
such  return),  exceeds  the  amount  so  paid.  For  purposes  of  this
subdivision  an  amount so paid shall be deemed properly estimated if it
is either  not  less  than  ninety  per  cent  of  the  tax  as  finally
determined,  or not less than the tax shown on the taxpayer's return for
the preceding taxable year, if such preceding year was a taxable year of
twelve months.
(c) The tax imposed by section two hundred ninety shall be payable  to
the  tax  commission  in  full  at the time the return is required to be
filed. Such tax imposed on any taxpayer which ceases to  be  subject  to
the  tax  imposed by this article shall be payable to the tax commission
at the time the return is required to be filed and all  other  taxes  of
any  such  taxpayer,  which  pursuant  to the provisions of this section
would otherwise be  payable  subsequent  to  the  time  such  return  is
required to be filed, shall nevertheless be payable at such time.
(d)  The  tax  commission may grant a reasonable extension of time for
filing a return or for payment of a tax imposed by  this  article  under
such conditions as it deems just and proper.