A. In lieu of paying or remitting amounts for actual tax liabilities as required by Section 3-4-187, and in lieu of filing the annualization schedule otherwise required by subsection 3-4-186 C., a taxpayer or tax collector may pay or remit estimated tax amounts for any annual return tax equal to 1/12 to (or 1/4 where applicable) of the taxpayer's or tax collector's total liability for such tax during the 12-month period immediately preceding the current annual tax year. Such estimated taxes shall be paid or remitted on or before the fifteenth day following the end of each calendar month (or calendar quarter where applicable). The amount paid shall be accompanied by a payment or remittance coupon as prescribed by the comptroller.
B. A taxpayer or tax collector may make estimated tax payments or remittances for an annual return tax only if: (1) the taxpayer or tax collector filed returns or coupons and paid or remitted amounts for such annual return tax directly to the department for the entire 12-month period immediately preceding the current annual tax year; (2) the taxpayer's or tax collector's total tax liability for such annual return tax during the 12-month period immediately preceding the current annual tax year was less than or equal to $2,000,000.00; and (3) the taxpayer's or tax collector's actual liability for such annual return tax during any three consecutive calendar months of the 12-month period immediately preceding the current annual tax year was less than or equal to 50 percent of such taxpayer's or tax collector's liability for such annual return tax for the entire 12-month period.
C. Timely and correct estimated tax payments made in accordance with this section shall not be subject to the interest and penalty provisions of Article IV of this chapter.
(Added Coun. J. 11-17-99, p. 18040, § 1.2; Amend Coun. J. 11-17-10, p. 107294, § 1; Amend Coun. J. 11-8-12, p. 38872, § 31)