Section 11-636. Declaration of estimated tax; payments on account of estimated tax

1. Every taxpayer subject to the tax imposed by part  one  or  two of this subchapter shall make a declaration of the estimated tax
  upon the basis  of  its  net  income  for  the  current  calendar  year,
  containing such information as the commissioner of finance may prescribe
  by  regulations or instructions, if such estimated tax can reasonably be
  expected to exceed one thousand dollars.
    2. The  term  "estimated  tax"  means  the  amount  which  a  taxpayer
  estimates  to  be  the  tax  imposed  upon it by part one or two of this
  subchapter upon the basis of its net income  for  the  current  calendar
  year,  less  the  amount which it estimates to be the sum of any credits
  allowable against the tax.
    3. A declaration of estimated tax shall be filed  on  or  before  June
  fifteenth  of  the calendar year upon the net income of which the tax is
  based, except that if the requirements of subdivision one are first met:
    (a) after June first and before October second of such calendar  year,
  the declaration shall be filed on or before October fifteenth, or
    (b)  after  October first of such calendar year, the declaration shall
  be filed on or before January fifteenth of the succeeding calendar year.
    Notwithstanding  any  other  provision   of   this   subdivision,   no
  declaration  need be filed prior to September eleventh, nineteen hundred
  sixty-six.
    4. A taxpayer  may  amend  a  declaration  under  regulations  of  the
  commissioner of finance.
    5.  If,  on  or  before  February  fifteenth of the succeeding year, a
  taxpayer files its return for the calendar year upon the net  income  of
  which  the  declaration  is required to be based, and pays therewith the
  balance, if any, of the full amount of the tax shown to be  due  on  the
  return,
    (a)  such  return  shall  be  considered  as  its  declaration  if  no
  declaration was required to be filed during such calendar year,  but  is
  otherwise  required  to  be  filed on or before January fifteenth of the
  succeeding year pursuant to subdivision three,
    (b) such return shall be  considered  as  an  amendment  permitted  by
  subdivision  four  to be filed on or before January fifteenth if the tax
  shown on the return is  greater  than  the  estimated  tax  shown  on  a
  declaration previously made.
    6.  The  commissioner  of  finance may grant a reasonable extension of
  time, not to exceed three months, for  the  filing  of  any  declaration
  required  pursuant  to this section, on such terms and conditions as the
  commissioner may require.
    7. Every taxpayer subject to the tax imposed by part  one  or  two  of
  this subchapter shall pay with the return of tax, if any, required to be
  filed  upon the basis of its net income for the preceding calendar year,
  or with an application for extension of the time for filing such return,
  an amount equal to twenty-five per centum of the preceding  year's  tax,
  if such preceding year's tax exceeded one thousand dollars.
    8.  The  estimated  tax  with  respect to which a declaration for such
  calendar year is required pursuant to this  section  shall  be  paid  as
  follows:
    (a)  If  the  declaration  is  filed  on or before June fifteenth, the
  estimated tax shown thereon, after applying thereto the amount  if  any,
  paid  during the same calendar year pursuant to subdivision seven, 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 October  fifteenth,  and  one  on  the  following  January
  fifteenth.

    (b)  If  the  declaration is filed after June fifteenth, and not after
  October fifteenth of such calendar year, and is not required to be filed
  on or before June fifteenth of such calendar  year,  the  estimated  tax
  shown  on  such  declaration, after applying thereto the amount, if any,
  paid  during the same calendar year pursuant to subdivision seven, 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 January fifteenth.
    (c) If the declaration  is  filed  after  October  fifteenth  of  such
  calendar  year,  and  is  not  required to be filed on or before October
  fifteenth of such  calendar  year,  the  estimated  tax  shown  on  such
  declaration,  after applying thereto the amount, if any, paid in respect
  of such calendar year pursuant to subdivision seven, 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 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.
    9.  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 by
  reason of such amendment, and if any amendment  is  made  after  October
  fifteenth  of  the  calendar  year, any increase in the estimated tax by
  reason thereof shall be paid at the time of making such amendment.
    10. Any amount paid pursuant to subdivision  seven  shall  be  applied
  after  payment  as  a first installment against the estimated tax of the
  taxpayer shown on the declaration next required to be filed pursuant  to
  this  section  or,  if no declaration of estimated tax is required to be
  filed by the taxpayer pursuant to this section, any such amount shall be
  considered a payment on account of the tax shown on the  return  of  tax
  required  to  be  filed by the taxpayer upon the basis of its net income
  for the calendar year during which such amount was paid.
    11. Notwithstanding the provisions of section 11-679 of  this  chapter
  or  of  section three-a of the general municipal law, if any amount paid
  pursuant to subdivision seven, exceeds  the  tax  shown  on  the  return
  required  to  be  filed by the taxpayer upon the basis of its net income
  for the calendar year 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, at the rate of six per centum  per
  annum  from  the  date of payment of the amount so paid pursuant to such
  subdivision  to  March  fifteenth  of  the  succeeding  calendar   year,
  provided,  however, that no interest shall be allowed or paid under this
  subdivision if the amount thereof is less than one dollar.
    12. As used in this section, "the preceding year's tax" means the  tax
  imposed upon the taxpayer by part one or two of this subchapter upon the
  basis  of  its  net  income  for  the  preceding  calendar year, or, for
  purposes of computing the first installment of  estimated  tax  when  an
  application  has  been filed for extension of time for filing the return
  required to be filed  for  such  preceding  calendar  year,  the  amount
  properly  estimated  pursuant  to section 11-635 of this part as the tax
  imposed upon the basis of its net income for such calendar year.
    13. This section shall apply to an income period of less  than  twelve
  months in accordance with regulations of the commissioner of finance.
    14.  The  commissioner  of finance may grant a reasonable extension of
  time, not to exceed six  months,  for  payment  of  any  installment  of

  estimated  tax  required  pursuant  to  this  section, on such terms and
  conditions as the commissioner 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 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.
    15. A taxpayer may elect to pay any installment of estimated tax prior
  to the date prescribed in this section for payment thereof.