20 NYCRR § 7-1.2
Properly estimated tax
# (a)
A taxpayer applying for an automatic six-month extension for filing its tax report must pay, on or before the date that its report is required to be filed, without regard to any extension of time, its properly estimated tax. The estimated tax paid, or balance thereof, will be deemed properly estimated if the tax paid is either:
# (1)
not less than 90% of the tax as finally determined; or
# (2)
not less than the tax shown on the taxpayer's report for the immediately preceding taxable year, if such preceding year was a taxable year of 12 months.
# (b)
For purposes of paragraph (2) of subdivision (a) of this section, the amount of the tax shown on the taxpayer's report for the immediately preceding taxable year will be utilized, irrespective of the amount of the tax, if any, shown on the taxpayer’s report for the second preceding taxable year.
Source: official source document (DTF adopted rule text, December 2023 corporate reform)
In this part (18 sections)
- 7-1.1 · Time for payment of tax
- 7-1.2 · Properly estimated tax
- 7-1.3 · Cessation tax
- 7-2.1 · Requirement of declaration
- 7-2.2 · Amendments of declaration
- 7-2.3 · Report as declaration or amendment
- 7-2.4 · Short periods
- 7-2.5 · Time for filing declaration of estimated tax for short taxable…
- 7-2.6 · Extension of time for filing declaration of estimated tax
- 7-3.1 · General
- 7-3.2 · Definitions
- 7-3.3 · First installment of estimated tax for certain taxpayers
- 7-3.4 · Other installments of estimated tax
- 7-3.5 · Impact of amendments of declaration on estimated payments
- 7-3.6 · Application of installments based on preceding and second…
- 7-3.7 · Short taxable years
- 7-3.8 · Extension of time
- 7-3.9 · Payments of installments in advance