§ 871. Payment of estimated tax. (a) Definition of estimated tax. Estimated tax means the amount that an electing city partnership or electing city resident S corporation estimates to be the tax imposed by section eight hundred sixty-nine of this article for the current taxable year.(b) General. Except as provided in subsection (c) of this section, the estimated tax shall be paid as follows for an electing city partnership and an electing city resident 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) Without regard to 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 city partnership or electing city resident 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 city partnership or electing city resident S corporation may elect to pay any installment of its estimated tax prior to the date prescribed for the payment thereof.
