The Department shall promulgate regulations to provide for estimated tax payments to be paid concurrently, with the filing of any return, and for credits to be granted on any overpayment of estimated tax payment; provided that, in the first year that a business is required to file a return, no estimated tax payments shall be required, and in the second year that a business is required to file a return, the Department shall allow the business the option to make estimated tax payments in four installments, on a schedule and in such manner as determined by regulation. Estimated business income and receipts tax payments for any given Tax Year shall be calculated without taking into account any reductions in tax rates or changes to apportionment formulas required by Bill No. 110554 for such Tax Year. The Department shall also promulgate regulations to provide for transition rules. Failure to make an estimated payment pursuant to these regulations shall subject a taxpayer to interest, penalties and costs as provided in Section 19-509.
Notes
| 549 | Added, Bill No. 020115 (approved November 26, 2002). Section 2 of the Ordinance provides: "This Ordinance shall take effect upon the later of the date this Ordinance becomes law or the effective date of state legislation authorizing this Ordinance. This Ordinance shall apply to tax years 2002 and thereafter, except that if this Ordinance is approved after November 30, 2002, this Ordinance shall apply to tax years 2003 and thereafter." Amended, Bill No. 110554 (approved November 14, 2011). Authorized by Act of December 30, 2002, P.L. 2089, No. 237, § 1, effective immediately, so effective for tax years 2003 and thereafter. Amended, Bill No. 180077-A (approved October 3, 2018), effective July 1, 2019. |