§ 28-16 Payments of Estimated Tax.
RCNY § 28-16
(a)General. (Administrative Code, § 11-512(a)). The amount of estimated unincorporated business tax due as shown on a declaration of estimated unincorporated business tax (Form NYC-5UBTI or Form NYC-5UB) may be paid in installments or, at the election of the taxpayer, may be paid in full at the time of filing the declaration. If the estimated tax is paid in installments, the first installment payment must accompany the declaration. In the case of a declaration for a calendar year, the initial installment payment and the subsequent installment payments required are as follows: Date of filing declarationDates of installment payments (1) On or before April 15In four equal installments – first at time of filing declaration (on or before April 15), second on or before June 15, third on or before September 15, and fourth on or before January 15 of the succeeding taxable year.(2) After April 15 and before June 16, if not required to be filed on or before April 15In three equal installments – first at time of filing declaration, second on or before September 15, and third on or before January 15 of the succeeding taxable year.(3) After June 15 and before September 16,if not required to be filed on or before June 15In two equal installments – first at time of filing declaration, and second on or before January 15 of the succeeding taxable year.(4) After September 15, if not required to be filed on or before September 15In full at time of filing declaration.
(5)If a declaration is filed after the time prescribed in 19 RCNY § 28-15(d), or within any extension of time or after the expiration of any extension of time, then paragraphs (2), (3) and (4) of this subdivision (a) shall not apply, and there shall be paid at the time of filing all installments of estimated unincorporated business tax which would have been payable at or before such time if the declaration had been filed at the time prescribed in 19 RCNY § 28-15(d). The remaining installments shall be paid at the time and in the amounts in which they would have been payable if the declaration had been filed at the time prescribed in 19 RCNY § 28-15(d). Thus, for example, B, required to file a declaration of estimated unincorporated business tax on or before April 15, 1983, files the declaration for 1983 on September 18, 1983. In such case, at the time of filing the declaration, B was delinquent in the payment of three installments of the estimated unincorporated business tax for the taxable year 1983. Hence, upon filing the declaration of September 18, 1983, three-fourths of the estimated tax shown thereon must be paid.
(b)Estimated tax payments by an unincorporated business having estimated unincorporated business income from farming or total estimated unincorporated business tax of $40 or less. Where an unincorporated business defers the filing of a declaration of estimated unincorporated business tax to January 15 of the succeeding taxable year as provided in 19 RCNY § 28-15(e) and (f), the estimated tax due shall be paid in full at the time of filing such declaration.
(c)Amendments of declaration. (Administrative Code, § 11-512(b)). If any amendment of a declaration is filed, the remaining installments, if any, shall be ratably increased or decreased (as the case may be) to reflect any increase or decrease in the estimated tax by reason of such amendment, and if any amendment is made after September 15 of the taxable year, any increase in the estimated tax by reason thereof shall be paid at the time of making such amendment.
(d)Short taxable years. (Administrative Code, § 11-512(c)). In the case of a short taxable year of an unincorporated business for which a declaration is required to be filed, the estimated unincorporated business tax may be paid in equal installments, one at the time of filing the declaration, one on the 15th day of the sixth month of the taxable year and another on the 15th day of the ninth month of such year (unless the short taxable year closed prior to such sixth or ninth month, in which case the respective installment will be eliminated and the remaining installments increased proportionately) and on the 15th day of the first month of the succeeding taxable year. For example, if the short taxable year is the period of 10 months from January 1, 1983 to October 31, 1983, and the declaration is required to be filed on or before April 15, 1983, the estimated tax is payable in four equal installments, one on the date of filing the declaration, and one each on June 15, September 15 and November 15, 1983. If, in such a case, the declaration is required to be filed after April 15 but on or before June 15, the tax will be payable in three equal installments, one on the date of filing the declaration, and one each on September 15 and November 15, 1983.
(e)Fiscal years. (Administrative Code, § 11-512(d)). In the case of an unincorporated business on a fiscal year basis, the dates prescribed for payments of the estimated unincorporated business tax shall be the 15th day of the fourth month, the 15th day of the sixth month, the 15th day of the ninth month of the taxable year, and the 15th day of the first month of the succeeding taxable year. For example, if an unincorporated business, having a fiscal year ending on June 30, 1983, first meets the requirements for filing a declaration on January 15, 1983 (i.e., the seventh month) and the declaration is filed on or before March 15, 1983, (i.e., the ninth month), the tax may be paid in two equal installments, one at the time of filing of such declaration and the other on or before July 15, 1983 (i.e., the first month of the succeeding taxable year).
(f)Installments paid in advance. (Administrative Code, § 11-512(e)). At the election of the taxpayer, any installment of estimated unincorporated business tax may be paid prior to the date prescribed for its payment.
(g)Application of installment payments. The payment of any installment of estimated unincorporated business tax (including the amount of any overpayment on a return for a preceding taxable year which the taxpayer elects to have applied in payment of estimated tax due for the succeeding taxable year) shall be considered payment on account for the taxable year for which the declaration is made. An election to credit an overpayment to estimated unincorporated business tax for the succeeding year cannot be changed after the date prescribed for filing the unincorporated business tax return.
(h)Stock transfer tax credit disallowed. (Administrative Code, § 11-512(g)). The portion of an overpayment attributable to a credit allowable pursuant to 19 RCNY § 28-03(c)(2) may not be credited against any payment due under this section.
