§ 864. Payment of estimated tax. (a) Definition of estimated tax.
Estimated tax means the amount that an electing partnership or electing
S corporation estimates to be the tax imposed by section eight hundred
sixty-two of this article for the current taxable year.

(b) General. The estimated tax shall be paid as follows for an
electing partnership and an electing S corporation:

(1) The estimated tax shall be paid in four equal installments on
March fifteenth, June fifteenth, September fifteenth and December
fifteenth in the calendar year prior to the year in which the due date
of the return required by this article falls.

(2) The amount of any required installment shall be twenty-five
percent of the required annual payment.

(3) Notwithstanding paragraph four of subsection (c) of section six
hundred eighty-five of this chapter, the required annual payment is the
lesser of: (A) ninety percent of the tax shown on the return for the
taxable year; or (B) one hundred percent of the tax shown on the return
of the electing partnership or electing S corporation for the preceding
taxable year.

(c) Application to short taxable year. This section shall apply to a
taxable year of less than twelve months in accordance with procedures
established by the commissioner.

(d) Installments paid in advance. An electing partnership or electing
S corporation may elect to pay any installment of its estimated tax
prior to the date prescribed for the payment thereof.