N.Y. General City Model Law § 7

Current through 2024 NY Law Chapter 457

Section 7 - Declaration of estimated tax

1.Every taxpayer subject to the tax imposed by section three of this part shall make a declaration of its estimated tax for the current privilege period, containing such information as the director of finance may prescribe by regulations or instructions, if such estimated tax can reasonably be expected to exceed one thousand dollars.

2.The term "estimated tax" means the amount which a taxpayer estimates to be the tax imposed by section three of this part for the current privilege period, less the amount which it estimates to be the sum of any credits allowable against the tax other than the credit allowable under section four-a of this part.

3.A declaration of estimated tax shall be filed on or before June fifteenth of the current privilege period in the case of a taxpayer which reports on the basis of a calendar year, except that if the requirements of subdivision one are first met:

(a) after June first and before October second of such current privilege period, the declaration shall be filed on or before October fifteenth, or

(b) after October first of such current privilege period, the declaration shall be filed on or before January fifteenth of the succeeding calendar year.

Notwithstanding any other provision of this subdivision, no declaration need be filed prior to the sixtieth day after the date this title becomes effective.

4.A taxpayer may amend a declaration under regulations of the director of finance.

5.If, on or before February fifteenth of the succeeding year in the case of a taxpayer which reports on the basis of a calendar year, a taxpayer files its report for the year for which the declaration is required, and pays therewith the balance, if any, of the full amount of the tax shown to be due on the report,

(a) such report shall be considered as its declaration if no declaration was required to be filed during the calendar or fiscal year for which the tax was imposed, but is otherwise required to be filed on or before the fifteenth day of the first month of the succeeding year pursuant to subdivision three, and

(b) such report shall be considered as the amendment permitted by subdivision four to be filed on or before the fifteenth day of the first month of the succeeding year if the tax shown on the report is greater than the estimated tax shown on a declaration previously made.

6.This section shall apply to privilege periods of twelve months other than a calendar year by the substitution of the months of such fiscal year for the corresponding months specified in this section.

7.If the privilege period for which a tax is imposed by section three of this part is less than twelve months, every taxpayer required to make a declaration of estimated tax for such privilege period shall make such a declaration in accordance with regulations of the director of finance.

8.The director of finance may grant a reasonable extension of time, not to exceed three months, for the filing of any declaration required pursuant to this section, on such terms and conditions as it may require.

N.Y. General City Model Law § 7