§ 35. Declaration of estimated tax; payments on account of estimated
tax. 1. Every taxpayer subject to the tax imposed by this part shall
make a declaration of the estimated tax upon the basis of its net income
for the current calendar year, 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 this part upon the basis of its net
income for the current calendar year, less the amount which it estimates
to be the sum of any credits allowable against the tax.

3. A declaration of estimated tax shall be filed on or before June
fifteenth of the calendar year upon the net income of which the tax is
based, except that if the requirements of subdivision one are first met:

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

(b) after October first of such calendar year, 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, a
taxpayer files its return for the calendar year upon the net income of
which the declaration is required to be based, and pays therewith the
balance, if any, of the full amount of the tax shown to be due on the
return,

(a) such return shall be considered as its declaration if no
declaration was required to be filed during such calendar year, but is
otherwise required to be filed on or before January fifteenth of the
succeeding year pursuant to subdivision three,

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

6. 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 he may
require.

7. Every taxpayer subject to the tax imposed by this part shall pay
with the return of tax, if any, required to be filed upon the basis of
its net income for the preceding calendar year, or with an application
for extension of the time for filing such return, an amount equal to
twenty-five per centum of the preceding year's tax, if such preceding
year's tax exceeded one thousand dollars.

8. The estimated tax with respect to which a declaration for such
calendar year is required pursuant to this section shall be paid as
follows:

(a) If the declaration is filed on or before June fifteenth, the
estimated tax shown thereon, after applying thereto the amount, if any,
paid during the same calendar year pursuant to subdivision seven, shall
be paid in three equal installments. One of such installments shall be
paid at the time of the filing of the declaration, one shall be paid on
the following October fifteenth, and one on the following January
fifteenth.

(b) If the declaration is filed after June fifteenth and not after
October fifteenth of such calendar year, and is not required to be filed
on or before June fifteenth of such calendar year, the estimated tax
shown on such declaration, after applying thereto the amount, if any,
paid during the same calendar year pursuant to subdivision seven, shall
be paid in two equal installments. One of such installments shall be
paid at the time of the filing of the declaration and one shall be paid
on the following January fifteenth.

(c) If the declaration is filed after October fifteenth of such
calendar year, and is not required to be filed on or before October
fifteenth of such calendar year, the estimated tax shown on such
declaration, after applying thereto the amount, if any, paid in respect
of such calendar year pursuant to subdivision seven, shall be paid in
full at the time of the filing of the declaration.

(d) If the declaration is filed after the time prescribed therefor, or
after the expiration of any extension of time therefor, paragraphs (b)
and (c) of this subdivision shall not apply, and there shall be paid at
the time of such filing all installments of estimated tax payable at or
before such time, and the remaining installments shall be paid at the
times at which, and in the amounts in which, they would have been
payable if the declaration had been filed when due.

9. 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 October
fifteenth of the calendar year, any increase in the estimated tax by
reason thereof shall be paid at the time of making such amendment.

10. Any amount paid pursuant to subdivision seven shall be applied
after payment as a first installment against the estimated tax of the
taxpayer shown on the declaration next required to be filed pursuant to
this section or, if no declaration of estimated tax is required to be
filed by the taxpayer pursuant to this section, any such amount shall be
considered a payment on account of the tax shown on the return of tax
required to be filed by the taxpayer upon the basis of its net income
for the calendar year during which such amount was paid.

11. Notwithstanding the provisions of section seventy-nine of this
title or of section three-a of the general municipal law, if any amount
paid pursuant to subdivision seven, exceeds the tax shown on the return
required to be filed by the taxpayer upon the basis of its net income
for the calendar year during which the amount was paid, interest shall
be allowed and paid on the amount by which the amount so paid pursuant
to such subdivision exceeds such tax, at the rate of six per centum per
annum from the date of payment of the amount so paid pursuant to such
subdivision to March fifteenth of the succeeding calendar year,
provided, however, that no interest shall be allowed or paid under this
subdivision if the amount thereof is less than one dollar.

12. As used in this section, "the preceding year's tax" means the tax
imposed upon the taxpayer by this part upon the basis of its net income
for the preceding calendar year, or, for purposes of computing the first
installment of estimated tax when an application has been filed for
extension of time for filing the return required to be filed for such
preceding calendar year, the amount properly estimated pursuant to
section thirty-four of this part as the tax imposed upon the basis of
its net income for such calendar year.

13. This section shall apply to an income period of less than twelve
months in accordance with regulations of the director of finance.

14. The director of finance may grant a reasonable extension of time,
not to exceed six months, for payment of any installment of estimated
tax required pursuant to this section, on such terms and conditions as
he may require, including the furnishing of a bond or other security by
the taxpayer in an amount not exceeding twice the amount for which any
extension of time for payment is granted, provided however that interest
at the rate of six per centum per annum for the period of the extension
shall be charged and collected on the amount for which any extension of
time for payment is granted under this subdivision.

15. A taxpayer may elect to pay any installment of estimated tax prior
to the date prescribed in this section for payment thereof.