TITLE 63

REVENUE AND TAXATION

CHAPTER 30

INCOME TAX

63-3036A.  Payment of estimated tax. (a) Any corporation subject to this chapter which is required to make a payment of estimated taxes to the internal revenue service and will have an Idaho income tax liability of five hundred dollars ($500) or more shall pay to the state tax commission estimated taxes due under this chapter.

(b)  The provisions of the Internal Revenue Code relating to determination of reporting periods and the due dates of payments of estimated tax shall apply to the estimated payments due under this section.

(c)  The amount of estimated tax due shall be determined as follows:

(1)  Commencing with the calendar quarter that begins July 1, 1987, in the case of any corporation which was required to pay tax under this chapter for its immediately preceding taxable year, the amount of each quarterly payment for its current taxable year shall be twenty-five percent (25%) of the lesser of:

(i)  The tax amount required to be reported on the return for the immediately preceding taxable year; or

(ii)  Ninety percent (90%) of the tax required to be paid with the current year’s return.

(2)  Any corporation required to make estimated payments under this section and who makes annualized estimated payments under the Internal Revenue Code shall be permitted to annualize its estimated payments under this section in the manner prescribed by regulation of the state tax commission. Such regulations shall, to the extent practicable, follow the provisions of the Internal Revenue Code and the regulations thereunder relating to annualization of estimated payments.

(d)  The amounts paid as estimated taxes pursuant to subsection (c) of this section shall be considered to be in part payment of the tax imposed by this chapter on the person reporting such estimated tax. The part payment shall apply to such tax for the tax year during which the reporting period for which the estimate is made occurs. In the event that such part payments, together with all other part payments, estimated payments, withheld taxes or other credits allowable against the taxes imposed by this chapter shall exceed the amount of tax due, the state tax commission shall refund such excess within the time and in the manner prescribed in section 63-3072(c), Idaho Code, relating to refund of taxes withheld by employers.

(e)  The provisions of this section shall in no way relieve any person from any obligation to file a return under any provision of this chapter at the time such return may be due. In the event that the estimated payments required under this section, together with any other part payments, estimated payments, withheld taxes or other credits applicable to the same taxable year are less than the amount of taxes imposed by this chapter, the unpaid tax shall be paid at the time prescribed in section 63-3034, Idaho Code.

(f)  The payment due for the first full reporting period occurring after the effective date of this act, and the payment due for each of the next three (3) succeeding reporting periods shall be one-half (1/2) of the amount otherwise due under this section.

History:

[63-3036A, added 1987, ch. 342, sec. 4, p. 728; am. 1991, ch. 7, sec. 4, p. 24; am. 2001, ch. 56, sec. 3, p. 104.]