Sec. 7-1.3. Properly estimated tax

Tax Law, § 213(1)

(a) A taxpayer applying for an automatic six-month extension for filing its tax report must pay on or before the date its report is required to be filed, without regard to any extension of time, its properly estimated tax. The estimated tax paid, or balance thereof, will be deemed properly estimated if the tax paid is either:

(1) not less than 90 percent of the tax as finally determined; or

(2) not less than the tax shown on the taxpayer's report for the preceding taxable year, if such preceding year was a taxable year of 12 months.