2023 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.