Section 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 preceding taxable year if
  the 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 preceding  taxable  year  if  the
  preceding  year's  tax  exceeded  one  hundred  thousand dollars. If the
  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 for the preceding taxable year if  the  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  preceding  taxable
  year if the 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  preceding taxable year, if such
  preceding year's tax exceeded one thousand dollars.  If  such  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 for
  the 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 such preceding taxable year or
  with an application for extension of the time for filing such return.
    (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 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  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  preceding  year's tax defined. As used in this section, "the
  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 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 preceding
  year,  or  for  purposes of computing the first installment of estimated
  tax when an application has been filed for extension  of  the  time  for
  filing  the return required to be filed for such preceding taxable year,
  the amount properly estimated pursuant to paragraph one  of  subdivision
  (b)  of  section  fifteen  hundred  sixteen  of  this article as the tax
  imposed upon the taxpayer for such taxable 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.