RS 47:117.1

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RS 47:117.1

§117.1. Payment of installments of estimated income tax by individuals

A. General rule. The amount of estimated income tax (as defined in R.S. 47:116(C)) with respect to which a declaration is required under R.S. 47:116 shall be paid as follows:

(1)If the declaration is filed on or before April 15 of the taxable year, the estimated tax shall be paid in four equal installments. The first installment shall be paid at the time of the filing of the declaration, the second and third on or before June 15 and September 15, respectively, of the taxable year, and the fourth on January 15 of the succeeding taxable year.

(2)If the declaration is filed after April 15 and not after June 15 of the taxable year, the estimated tax shall be paid in three equal installments. The first installment shall be paid at the time of the filing of the declaration, the second on September 15 of the taxable year, and the third on January 15 of the succeeding taxable year.

(3)If the declaration is filed after June 15 and not after September 15 of the taxable year, the estimated tax shall be paid in two equal installments. The first installment shall be paid at the time of the filing of the declaration, and the second on January 15 of the succeeding taxable year.

(4)If the declaration is filed after September 15 of the taxable year, the estimated tax shall be paid in full at the time of the filing of the declaration.

(5)If the declaration is filed after the time prescribed in R.S. 47:117 all installments of estimated tax which would have been payable under Subparagraphs (1), (2),

(3)and

(4)had the declaration been timely filed shall be paid at the time of filing.

B. Farmers or fishermen. If an individual referred to in R.S. 47:117(B) (relating to income from farming) makes a declaration of estimated tax after September 15 of the taxable year and on or before January 15 of the succeeding taxable year, the estimated tax shall be paid in full at the time of the filing of the declaration.

C. Amendments of declaration. If any amendment of a declaration is filed, the remaining estimated tax, if any, shall be paid in equal amounts on the remaining installment due dates, provided that, if any amendment is made after September 15 of the taxable year, any increase in the estimated tax by reason thereof shall be paid at the time of making such amendment.

D. Application of short taxable years. The application of this section to taxable years of less than 12 months shall be in accordance with regulations prescribed by the collector.

E. Fiscal years. An individual on the fiscal year basis must pay estimated tax on the 15th day of the 4th month, the 15th day of the 6th month, the 15th day of the 9th month of the taxable year and the 15th day of the first month of the succeeding taxable year.

F. Installments paid in advance. At the election of the individual, any installment of the estimated tax may be paid prior to the date prescribed for its payment.

Added by Acts 1964, No. 235, §1. Amended by Acts 1971, No. 11, §1.