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This entry was published on 2014-09-22
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SECTION 1516
Payment of tax
Tax (TAX) CHAPTER 60, ARTICLE 33
§ 1516. Payment of tax. (a) To the extent the tax imposed by this
article shall not have been previously paid pursuant to section fifteen
hundred fourteen,

(1) each such tax, or the balance thereof, shall be payable to the tax
commission in full at the time the taxpayer's return is required to be
filed, and

(2) each such tax, or the balance thereof, imposed on any taxpayer
which ceased to exercise its franchise or to be subject to the tax
imposed by this article shall be payable to the tax commission at the
time the return is required to be filed, provided each such tax of a
domestic corporation which continues to possess its franchise shall be
subject to adjustment as the circumstances may require; all other taxes
of any such taxpayer, which pursuant to the foregoing provisions of this
subdivision would otherwise be payable subsequent to the time such
return is required to be filed, shall nevertheless be payable at such
time.

(b) If the taxpayer, within the time prescribed by subdivision (c) of
section fifteen hundred fifteen, shall have applied for an automatic
extension of time to file its annual return and shall have paid to the
commissioner of taxation and finance on or before the date such
application is filed an amount properly estimated as provided by said
subdivision, the only amount payable in addition to the tax shall be
interest at the underpayment rate set by the commissioner pursuant to
subsection (e) of section one thousand ninety-six or, if no rate is set,
at the rate of six percent per annum upon the amount by which the tax,
or portion thereof payable on or before the date the return was required
to be filed, exceeds the amount so paid. For the purposes of the
preceding sentence,

(1) an amount so paid shall be deemed properly estimated if it is
either (i) not less than ninety percent of the tax as finally
determined, or (ii) not less than the tax shown on the taxpayer's return
for the preceding taxable year, if such preceding year was a taxable
year of twelve months; and

(2) the time when a return is required to be filed shall be determined
without regard to any extension of time for filing such return.

(c) The tax commission may grant a reasonable extension of time for
payment of any tax imposed by this article under such conditions as it
deems just and proper.