N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 7-1.2

Current through Register Vol. 46, No. 36, September 4, 2024

Section 7-1.2 - Properly estimated tax

(Tax Law, section 213(2))

(a) A taxpayer applying for an automatic six-month extension for filing its tax report must pay, on or before the date t h a t 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.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 7-1.2

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023