Estimated payments for short years

# (a)

Definitions. In this section:

# (1)

''Companies'' means companies subject to tax under chapter 208 of the Connecticut General Statutes;

# (2)

''Required annual payment'' means the required annual payment, as defined in section 12-242d(e) of the Connecticut General Statutes; and

# (3)

''Short income year'' means an income year of less than 12 months.

# (b)

General. Under section 12-424d of the Connecticut General Statutes, certain companies are required to make estimated corporation business tax payments. Subsection (g) of section 12-242d of the Connecticut General Statutes requires the department to adopt regulations applying the estimated tax payment requirements to companies with short income years in accordance with those regulations. This section applies the estimated tax payment requirements to companies with short income years.

# (c)

How many instalments are required? Use the chart below to determine how many instalments a company is required to make. In determining how many instalments are required, treat a portion of a month as a full month.

THE NUMBER
OF ESTIMATED THE PERCENTAGE OF THE
FOR SHORT TAX WHICH ARE DUE ON REQUIRED ANNUAL
INCOME INSTALMENTS OR BEFORE THE 15TH PAYMENT DUE WITH
YEARS OF: TO BE MADE IS: DAY OF THE: EACH INSTALMENT IS:
1 MONTH OR
0 — —
LESS
2 TO 3 LAST MONTH OF THE 100% OF THE REQUIRED
1
MONTHS SHORT INCOME YEAR. ANNUAL PAYMENT.
30% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE FIRST INSTALMENT,
3RD AND LAST
4 TO 6 AND
2 MONTHS OF THE
MONTHS
SHORT INCOME YEAR. 70% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE SECOND INSTALMENT.
30% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE FIRST INSTALMENT;
40% OF THE REQUIRED
3RD, 6TH AND LAST
7 TO 9 ANNUAL PAYMENT FOR
3 MONTHS OF THE
MONTHS THE SECOND
SHORT INCOME YEAR. INSTALMENT; AND
30% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE THIRD INSTALMENT.
30% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE FIRST INSTALMENT;
40% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE SECOND INSTALMENT;
3RD, 6TH, 9TH AND
10 TO 11
4 LAST MONTHS OF THE 10% OF THE REQUIRED
MONTHS
SHORT INCOME YEAR. ANNUAL PAYMENT FOR
THE THIRD INSTALMENT;
AND
20% OF THE REQUIRED
ANNUAL PAYMENT FOR
THE FOURTH INSTALMENT.
Authority for regulation. The regulation proposed in Section 6 is required by
Conn. Gen. Stat. § 12-242d(g). It is numbered to correspond to the statute it interprets, in accordance with the Department's authority under Conn. Gen. Stat. § 12-2(a)(2)(B).