NYC Laws & Codes
Part 3 - ADMINISTRATION FOR PARTS 1 AND 2¶
Section 11-633¶
Section 11-633
§ 11-633 Taxpayer's returns. 1. Every taxpayer, on or before March
fifteenth of each year, beginning with the year nineteen hundred
sixty-seven and ending with the year nineteen hundred seventy-three,
shall make a return subscribed by the taxpayer and affirmed by the
taxpayer to be true under the penalties of perjury to the commissioner
of finance, for the calendar year next preceding, as to the business or
that portion of the business of such taxpayer the income from which is
the basis of taxation under part one or two of this subchapter, except
that every trust company and savings bank which shall become
incorporated between the thirty-first day of December and the succeeding
first day of July, shall make its return for such period on or before
September first, and every taxpayer, other than a trust company and
savings bank, which shall commence to do business in the city or become
located in the city, shall make its return for the calendar year in
which it commences to do business or becomes located, on or before the
twentieth day of January of the year succeeding such calendar year, and
except that every taxpayer, other than a trust company and savings bank,
which shall be dissolved, cease to do business in the city or cease to
be located in the city, between the thirty-first day of December and the
succeeding sixteenth day of March and shall not become merged or
consolidated with another corporation taxable under the same part, shall
make its return for such period on or before the date of such
dissolution, or cessation of business, and every trust company and
savings bank which shall be dissolved, and shall not become merged or
consolidated with another corporation taxable under the same part, shall
make its return, for the period for which it is taxable under
subdivision six of section 11-612 of this subchapter on or before the
date of such dissolution. Such return shall be in such form and contain
such information as the commissioner of finance may require for the
purpose of making any computation or otherwise performing its duty under
parts one, two, and three of this subchapter. Such return shall state
specifically the items of gross income derived from such business and
the deductions allowed by the part for which the return is filed, the
net income which is the basis of the tax, and the amount of tax due. The
return shall be subscribed by the president, vice-president, treasurer,
assistant treasurer, chief accounting officer or any other officer of
the taxpayer duly authorized so to act. The fact that an individual's
name is signed on the return shall be prima facie evidence that such
individual is authorized to subscribe and affirm the return on behalf of
the corporation. Blank forms of return shall be furnished by the
commissioner of finance upon application, but failure to secure the form
shall not relieve any taxpayer from the obligation of making any return
herein required. An automatic extension of three months for the filing
of its annual return shall be allowed for any taxpayer if, within the
time prescribed herein for the filing thereof, such taxpayer files with
the commissioner of finance an application for extension in such form as
the commissioner of finance may prescribe by regulation and pays on or
before the date of such filing the amount properly estimated as its tax.
The commissioner of finance may grant a reasonable extension of time for
filing a return, which may be in addition to any automatic extension
allowed under the preceding sentence, whenever in the commissioner's
judgment good cause exists and shall keep a record of every such
extension and the reason therefor. No such extension or extensions shall
aggregate more than three months, exclusive of any automatic extension.
2. If the amount of taxable income for any year of any taxpayer as
returned to the United States treasury department or the New York state
tax department is changed or corrected by the commissioner of internal
revenue or other officer of the United States or the New York state tax
commission or other competent authority; or if a taxpayer, pursuant to
subsection (d) of section sixty-two hundred thirteen of the internal
revenue code, executes a notice of waiver of the restrictions provided
in subsection (a) of such section, or if a taxpayer, pursuant to
subdivision (f) of section one thousand eighty-one of the tax law,
executes a notice of waiver of the restrictions provided in subdivision
(c) of such section, such taxpayer shall report such change or corrected
taxable income or such execution of such notice of waiver and the
changes or corrections of such taxpayer's federal or New York state
taxable income on which it is based, within ninety days after such
execution or the final determination of such change or correction, or as
required by the commissioner of finance, and shall concede the accuracy
of such determination or state wherein it is erroneous. Any taxpayer
filing an amended return with such department shall also file within
ninety days thereafter an amended return with the commissioner of
finance which shall contain such information as it shall require.
Section 11-634¶
Section 11-634
§ 11-634 Consolidated returns. Corporations which are affiliated may,
if authorized, and shall, if required, by the commissioner of finance,
under regulations prescribed by the commissioner of finance, make a
consolidated return for the purpose of parts one, two and three of this
subchapter. The commissioner of finance may, in his or her discretion,
authorize bank holding companies as defined in article three-a of the
banking law to make a consolidated return with affiliated corporations
taxable under part one and under part two in which case the consolidated
tax will be computed in accordance with the provisions of part one. In
all other cases in which a corporation taxable under part two makes a
consolidated return with corporations taxable under part one, the
consolidated tax will be computed in accordance with the provisions of
part one. In any case in which a tax is assessed upon the basis of a
consolidated return, the total tax shall be computed in the first
instance as a unit and shall then be assessed upon the respective
affiliated corporations in such proportions as may be agreed upon among
them, or in the absence of any such agreement, then on the basis of the
net income properly assignable to each.
Section 11-635¶
Section 11-635
§ 11-635 Payment of tax. Each taxpayer shall, at the time of filing
its return, pay to the commissioner of finance:
(a) the amount of tax payable hereunder as the same shall appear from
the face of the return, or
(b) if payments of estimated tax have been made pursuant to section
11-636 of this part, the balance, if any, of the tax payable hereunder,
as the same shall appear from the face of the return, after applying
thereto any payments made pursuant to said section.
If the time for filing the return shall be extended, the taxpayer
shall pay in addition interest at the rate of six per centum per annum
from the time when the return was originally required to be filed to the
time of payment upon the amount by which the tax, or the portion thereof
payable when the return was required to be filed, exceeds the amount
then paid:
(1) a payment made on or before the date of filing of an application
for an automatic extension shall be deemed properly estimated if its
either: (A) not less than ninety per centum of the tax as finally
determined, or (B) 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.
Section 11-636¶
Section 11-636
§ 11-636 Declaration of estimated tax; payments on account of
estimated tax. 1. Every taxpayer subject to the tax imposed by part one
or two of this subchapter 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 commissioner 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 upon it by part one or two of this
subchapter 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 September eleventh, nineteen hundred
sixty-six.
4. A taxpayer may amend a declaration under regulations of the
commissioner 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 commissioner 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 the
commissioner may require.
7. Every taxpayer subject to the tax imposed by part one or two of
this subchapter 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 11-679 of this chapter
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 part one or two of this subchapter 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 11-635 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 commissioner of finance.
14. The commissioner 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 the commissioner 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.
Section 11-637¶
Section 11-637
§ 11-637 Real property taxable. Nothing in this subchapter shall be
construed to exempt the real property of any taxpayer from taxation to
the same extent, according to its value, as other real property is
taxed.