§ 1-07 Installment Payments.
RCNY § 1-07
(a)General. An amnesty installment payment plan is available if payment of tax and interest in full pursuant to 19 RCNY § 1-05 would create a severe financial hardship.
(b)Application for installment payments. The taxpayer must: (1) submit a statement certifying the fact that full payment would create a severe financial hardship, and (2) pay at least 50 percent of the computed liability upon application. "Computed liability" means the tax due plus interest, if known.
(c)Payment terms.
(1)Fifty percent of the computed liability is due upon application, and the balance is to be paid in two equal installments, in 30 day intervals from the date of initial payment.
(2)The Commissioner of Finance will issue an Amnesty Statement at the end of the payment period (or at the end of the amnesty period, whichever is later) for any amount still due.
(3)The taxpayer must pay the amount due within the time stated on the statement or by the end of the amnesty period, whichever is later, or amnesty will be denied.
