Sec. 7-3.2. Definition of preceding year's tax

Tax Law, § 213-b(f)

The term preceding year's tax as used in this Subpart means the tax imposed by article 9-A for the preceding calendar or fiscal year. It also means, for purposes of computing the first installment of estimated tax when an application has been filed for extension of the time for filing the report required to be filed for the preceding calendar or fiscal year, the amount properly estimated (see section 7-1.3—Properly estimated tax) as the tax imposed upon the taxpayer for such preceding calendar or fiscal year.