§ 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.