Section 864 - Payment of estimated tax(a) Definition of estimated tax. Estimated tax means the amount that an electing partnership or electing S corporation estimates to be the tax imposed by section eight hundred sixty-two of this article for the current taxable year.(b) General. The estimated tax shall be paid as follows for an electing partnership and an electing S corporation: (1) The estimated tax shall be paid in four equal installments on March fifteenth, June fifteenth, September fifteenth and December fifteenth in the calendar year prior to the year in which the due date of the return required by this article falls.(2) The amount of any required installment shall be twenty-five percent of the required annual payment.(3) Notwithstanding paragraph four of subsection (c) of section six hundred eighty-five of this chapter, the required annual payment is the lesser of: (A) ninety percent of the tax shown on the return for the taxable year; or (B) one hundred percent of the tax shown on the return of the electing partnership or electing S corporation for the preceding taxable year.(c) Application to short taxable year. This section shall apply to a taxable year of less than twelve months in accordance with procedures established by the commissioner.(d) Installments paid in advance. An electing partnership or electing S corporation may elect to pay any installment of its estimated tax prior to the date prescribed for the payment thereof.Amended by New York Laws 2022, ch. 555,Sec. 11, eff. 8/31/2022, op. to tax years beginning on or after 1/1/2022.Added by New York Laws 2021, ch. 59,Sec. C-1, eff. 4/19/2021. See New York Laws 2022, ch. 188, Sec. 1. See New York Laws 2021, ch. 59, Sec. C-9.