§ 115. Declarations of estimated tax. (a) Requirement of
declaration.--Except as provided in subdivision (j), every
unincorporated business shall make a declaration of its estimated tax
for the taxable year, containing such information as the commissioner of
finance may prescribe by regulations or instruction, if its
unincorporated business taxable income can reasonably be expected to
exceed fifteen thousand dollars.

(b) Definition of estimated tax.-- The term "estimated tax" means the
amount which an unincorporated business estimates to be its tax under
this title for the taxable year, less the amount which it estimates to
be the sum of any credits allowable against the tax other than the
credit allowable under subdivision (c) of section one hundred one of
this chapter.

(c) Time for filing declaration.--Except as hereinafter provided, a
declaration of estimated tax required under this section shall be filed
on or before April fifteenth of the taxable year provided, however, that
if the requirements of subdivision (a) are first met:

(1) after April first and before June second of the taxable year, the
declaration shall be filed on or before June fifteenth, or

(2) after June first and before September second of the taxable year,
the declaration shall be filed on or before September fifteenth, or

(3) after September first of the taxable year, the declaration shall
be filed on or before January fifteenth of the succeeding year.

(d) Filing of declarations on or before January fifteenth.--

(1) A declaration of estimated tax by an unincorporated business
having an estimated unincorporated business taxable income from farming
(including oyster farming) for the taxable year which is at least
two-thirds of its total estimated unincorporated business taxable income
for the taxable year may be filed at any time on or before January
fifteenth of the succeeding year.

(2) A declaration of estimated tax under this section of forty dollars
or less for the taxable year may be filed at any time on or before
January fifteenth of the succeeding year under regulations of the
director of finance.

(e) Amendments of declaration.--An unincorporated business may amend a
declaration under regulations of the director of finance.

(f) Return as declaration or amendment.--If on or before February
fifteenth of the succeeding taxable year an unincorporated business
subject to the estimated tax requirements of this section files its
return for the taxable year for which the declaration is required, and
pays on or before such date the full amount of the tax shown to be due
on the return:

(1) such return shall be considered as its declaration if no
declaration was required to be filed during the taxable year, but is
otherwise required to be filed on or before January fifteenth of the
succeeding year, and

(2) such return shall be considered as the amendment permitted by
subdivision (e) to be filed on or before January fifteenth if the tax
shown on the return is greater than the estimated tax shown in a
declaration previously made.

(g) Fiscal year.--This section shall apply to a taxable year other
than a calendar year by the substitution of the months of such fiscal
year for the corresponding months specified in this section.

(h) Short taxable year.--An unincorporated business subject to the
estimated tax requirements of this section and having a taxable year of
less than twelve months shall make a declaration in accordance with
regulations of the director of finance.

(i) Declaration of unincorporated business under a disability.--The
declaration of estimated tax for an unincorporated business which is
unable to make a declaration for any reason shall be made and filed by
the committee, fiduciary or other person charged with the care of the
property of such unincorporated business (other than a receiver in
possession of only a part of such property), or by his duly authorized
agent.

(j) Declaration of estimated tax for taxable years beginning prior to
the date of enactment of this title.--Notwithstanding subdivision (c) of
this section, no declaration of estimated tax required by subdivision
(a) of this section need be filed until sixty days after the date that
this title becomes effective.