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§ 10003.2. Estimated tax

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: October 18, 2006

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XXX. General Provisions
Effective: October 18, 2006
72 P.S. § 10003.2
§ 10003.2. Estimated tax
Currentness
(a) The following taxpayers are required to pay estimated tax:
(1) Every corporation subject to the corporate net income tax imposed by Article IV1 of this act, commencing with the calendar year 1986 and fiscal years beginning during the calendar year 1986 and each taxable year thereafter, shall make payments of estimated corporate net income tax.
(2) Every corporation subject to the capital stock and franchise tax imposed by Article VI2 of this act, commencing with the calendar year 1988 and fiscal years beginning during the calendar year 1988 and each taxable year thereafter, shall make payments of estimated capital stock and franchise tax during its taxable year as provided herein.
(3) Every “mutual thrift institution” or “institution” subject to the tax imposed by Article XV3 of this act, commencing with the calendar year 1992 and fiscal years beginning during the calendar year 1992 and each taxable year thereafter, shall make payments of estimated mutual thrift institution tax during its taxable year.
(4) Every “insurance company” subject to the tax imposed by Article IX4 of this act shall make payments of estimated insurance premiums tax during its taxable year.
(5) Every person subject to the tax imposed by Article XI5 of this act shall make payments of estimated gross receipts tax during its taxable year.
(6) Every person subject to the surcharge imposed by section 1111-A6 of this act shall make payments of estimated public utility realty surcharge during its taxable year.
(b) The following words, terms and phrases when used in this section and section 3003.37 shall have the following meanings ascribed to them:
(1) “Estimated tax.” Estimated corporate net income tax, estimated capital stock and franchise tax, estimated mutual thrift institution tax, estimated insurance premiums tax, estimated gross receipts tax or estimated public utility realty surcharge.
(2) “Estimated corporate net income tax.” The amount which the corporation estimates as the amount of tax imposed by section 4028 of Article IV for the taxable year.
(3) “Estimated capital stock and franchise tax.” The amount which the corporation estimates as the amount of tax imposed by section 6029 of Article VI for the taxable year.
(4) “Estimated mutual thrift institution tax.” The amount which the institution estimates as the amount of tax imposed by section 150210 of Article XV for the taxable year.
(4.1) “Estimated insurance premiums tax.” The amount which the insurance company estimates as the amount of tax imposed by section 90211 of Article IX for the taxable year.
(4.2) “Estimated gross receipts tax.” The amount which the taxpayer estimates as the amount of tax imposed by section 110112 of Article XI for the taxable year.
(4.3) “Person.” Any natural person, association, fiduciary, partnership, corporation or other entity, including the Commonwealth, its political subdivisions and instrumentalities and public authorities. Whenever used in any clause prescribing and imposing a penalty or imposing a fine or imprisonment, or both, the term “person,” as applied to an association, shall include the members thereof and, as applied to a corporation, the officers thereof.
(4.4) “Safe harbor base year.” The taxpayer's second preceding taxable year. If the second preceding taxable year is less than twelve months, then the “safe harbor base year” shall mean the taxpayer's annualized second preceding taxable year. If the taxpayer has filed only one previous report, the “safe harbor base year” shall mean the first preceding taxable year. If the first preceding taxable year is less than twelve months, then the “safe harbor base year” shall mean the taxpayer's annualized first preceding taxable year.
(4.5) “Estimated public utility realty surcharge.” The amount which the taxpayer estimates as the amount of surcharge imposed by section 1111-A of Article XI-A for the taxable year.
(5) “Taxpayer.” Any person required to pay a tax imposed by Article IV, VI, IX, XI or XV13 of this act.
(6) “Total tax.” The total tax liability of the taxpayer for the tax period including the tax reported by the taxpayer and settled, resettled or assessed by the department.
(c) Estimated tax shall be paid as follows:
(1) Payments of estimated corporate net income tax shall be made in equal installments on or before the fifteenth day of the third, sixth, ninth and twelfth months of the taxable year. The remaining portion of the corporate net income tax due, if any, shall be paid upon the date the corporation's annual report is required to be filed without reference to any extension of time for filing such report.
(2) Payment of estimated capital stock and franchise tax shall be made in equal installments on or before the fifteenth day of the third, sixth, ninth and twelfth months of the taxable year. The remaining portion of the capital stock and franchise tax due, if any, shall be paid upon the date the corporation's annual report is required to be filed without reference to any extension of time for filing such report.
(3) Payment of the estimated mutual thrift institution tax shall be made in equal installments on or before the fifteenth day of the third, sixth, ninth and twelfth months of the taxable year. The remaining portion of the mutual thrift institution tax due, if any, shall be paid upon the date the institution's annual report is required to be filed without reference to any extension of time for filing such report.
(4) Payment of the estimated insurance premiums tax shall be made in a single installment on or before the fifteenth day of March of the taxable year. The remaining portion of the insurance premiums tax due, if any, shall be paid upon the date the insurance company's annual report is required to be filed without reference to any extension of time for filing the report.
(5) Payment of the estimated gross receipts tax shall be made in a single installment on or before the fifteenth day of March of the taxable year. The remaining portion of the gross receipts tax due, if any, shall be paid upon the date the annual report is required to be filed without reference to any extension of time for filing the report.
(6) Payment of the estimated public utility realty surcharge shall be made in a single installment on or before the fifteenth day of March of the taxable year. The remaining portion of the public utility realty surcharge due, if any, shall be paid upon the date the report is required to be filed without reference to any extension of time for filing the report.
(d) If, after paying any installment of estimated tax, the taxpayer makes a new estimate, the amount of each remaining installment due, if any, shall be such as to bring the total installment payments made on account of the tax due for the current year up to an amount that would have been due had the new estimate been the basis for paying all previous installments.
(e) Every taxpayer with a taxable year of less than twelve months shall pay such installments as become due during the course of its taxable year and pay the remaining tax due on or before the due date of the annual report (determined without regard to any extension of time for filing).
(f) At the election of the taxpayer, any installment of estimated tax may be paid before the date prescribed for its payment.
(g) For all purposes of this section and section 3003.3, estimated corporate net income tax, estimated capital stock and franchise tax, estimated mutual thrift institutions tax, estimated insurance premiums tax, estimated gross receipts tax and estimated public utility realty surcharge shall be separately reported, determined and treated.
(h) The tax imposed on shares of institutions and title insurance companies shall be paid in the manner and within the time prescribed by Article VII or VIII14 of this act, but subject to the interest provided in section 3003.3 of this article.
(i) Whenever the amount shown as due on the annual report, including any assessment of the tax period, is less than the amount paid to the department on account of that amount under this article, the department shall enter a credit in the amount of the difference to the account of the taxpayer, which credit shall be immediately subject to application, assignment or refund, at the request of the taxpayer under section 1108 of the act of April 9, 1929 (P.L. 343, No. 176),15 known as “The Fiscal Code,” or at the initiative of the department. If the application, assignment or refund of credit under this subsection results in an underpayment of the tax due upon assessment, interest shall be calculated on the amount of the underpayment from the date credit was applied, assigned or refunded.

Credits

1971, March 4, P.L. 6, No. 2, art. XXX, § 3003.2, added 1985, July 1, P.L. 78, No. 29, § 14, imd. effective. Amended 1988, Oct. 14, P.L. 737, No. 106, § 8, imd. effective; 1997, May 7, P.L. 85, No. 7, § 32, effective July 1, 1997; 1999, May 12, P.L. 26, No. 4, § 27, imd. effective; 2002, June 29, P.L. 559, No. 89, § 30.1, effective Jan. 1, 2003; 2003, Dec. 23, P.L. 250, No. 46, § 29, imd. effective; 2006, Oct. 18, P.L. 1149, No. 119, § 29, imd. effective.

Footnotes

1
72 P.S. § 7401 et seq.
2
72 P.S. § 7601 et seq. (expired).
3
72 P.S. § 8501 et seq.
4
72 P.S. § 7901 et seq.
5
72 P.S. § 8101 et seq.
6
72 P.S. § 8111-A.
7
72 P.S. § 10003.3.
8
72 P.S. § 7402.
9
72 P.S. § 7602 (expired).
10
72 P.S. § 8502.
11
72 P.S. § 7902.
12
72 P.S. § 8101.
13
72 P.S. §§ 7401 et seq., 7601 et seq. (expired), 7901 et seq., 8101 et seq., 8501 et seq.
14
72 P.S. §§ 7701 et seq., 7801 et seq.
15
72 P.S. § 1108.
72 P.S. § 10003.2, PA ST 72 P.S. § 10003.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document