§ 58.1-502. Installment payment of estimated income tax.
A. The amount of estimated tax with respect to which a declaration isrequired under § 58.1-500 shall be paid in installments as follows:
1. If the declaration is required to be filed by the fifteenth day of thefourth month of the taxable year, twenty-five percent of the estimated taxshall be paid on the fifteenth day of the fourth, sixth, ninth and twelfthmonth of the taxable year.
2. If the declaration is required to be filed by the fifteenth day of thesixth month of the taxable year, one-third of the estimated tax shall be paidon the fifteenth day of the sixth, ninth and twelfth month of the taxableyear.
3. If the declaration is required to be filed by the fifteenth day of theninth month of the taxable year, one-half of the estimated tax shall be paidon the fifteenth day of the ninth and twelfth month of the taxable year.
4. If the declaration is required to be filed by the fifteenth day of thetwelfth month of the taxable year, 100 percent of the estimated tax shall bepaid on the fifteenth day of the twelfth month of the taxable year.
B. A declaration is timely filed if it is not required by § 58.1-501 A to befiled on a date (determined without regard to any extension of time forfiling the declaration) before the date it is actually filed.
C. If the declaration is filed after the time prescribed in § 58.1-501 A(determined without regard to any extension of time for filing thedeclaration), there shall be paid at the time of such filing all installmentsof estimated tax which would have been payable on or before such time if thedeclaration had been filed within such prescribed time, and the remaininginstallments shall be paid at the times at which, and in the amounts inwhich, they would have been payable if the declaration had been so filed.
D. If any amendment of a declaration is filed, the amount of each remaininginstallment (if any) shall be the amount which would have been payable if thenew estimate had been made when the first estimate for the taxable year wasmade, increased or decreased (as the case may be), by the amount computed bydividing: 1. the difference between (i) the amount of estimated tax requiredto be paid before the date on which the amendment is made, and (ii) theamount of estimated tax which would have been required to be paid before suchdate if the new estimate had been made when the first estimate was made, by2. the number of installments remaining to be paid on or after the date onwhich the amendment is made.
E. The application of this section to taxable years of less than twelvemonths shall be in accordance with regulations prescribed by the TaxCommissioner.
F. Payment of the estimated income tax, or any installment thereof, shall beconsidered payment on account of the income tax imposed by this chapter forthe taxable year.
G. The Tax Commissioner may grant a reasonable extension of time for paymentof estimated tax (or any installment), or for filing any declaration pursuantto this article, on condition that the taxpayer shall pay interest on theamount involved at a rate determined in accordance with § 58.1-15, from thetime the payment was due until the time of payment. No such extension shallexceed six months.
(Code 1950, § 58-151.38; 1968, c. 14; 1977, c. 396; 1984, c. 675.)
§ 58.1-502. Installment payment of estimated income tax.
A. The amount of estimated tax with respect to which a declaration isrequired under § 58.1-500 shall be paid in installments as follows:
1. If the declaration is required to be filed by the fifteenth day of thefourth month of the taxable year, twenty-five percent of the estimated taxshall be paid on the fifteenth day of the fourth, sixth, ninth and twelfthmonth of the taxable year.
2. If the declaration is required to be filed by the fifteenth day of thesixth month of the taxable year, one-third of the estimated tax shall be paidon the fifteenth day of the sixth, ninth and twelfth month of the taxableyear.
3. If the declaration is required to be filed by the fifteenth day of theninth month of the taxable year, one-half of the estimated tax shall be paidon the fifteenth day of the ninth and twelfth month of the taxable year.
4. If the declaration is required to be filed by the fifteenth day of thetwelfth month of the taxable year, 100 percent of the estimated tax shall bepaid on the fifteenth day of the twelfth month of the taxable year.
B. A declaration is timely filed if it is not required by § 58.1-501 A to befiled on a date (determined without regard to any extension of time forfiling the declaration) before the date it is actually filed.
C. If the declaration is filed after the time prescribed in § 58.1-501 A(determined without regard to any extension of time for filing thedeclaration), there shall be paid at the time of such filing all installmentsof estimated tax which would have been payable on or before such time if thedeclaration had been filed within such prescribed time, and the remaininginstallments shall be paid at the times at which, and in the amounts inwhich, they would have been payable if the declaration had been so filed.
D. If any amendment of a declaration is filed, the amount of each remaininginstallment (if any) shall be the amount which would have been payable if thenew estimate had been made when the first estimate for the taxable year wasmade, increased or decreased (as the case may be), by the amount computed bydividing: 1. the difference between (i) the amount of estimated tax requiredto be paid before the date on which the amendment is made, and (ii) theamount of estimated tax which would have been required to be paid before suchdate if the new estimate had been made when the first estimate was made, by2. the number of installments remaining to be paid on or after the date onwhich the amendment is made.
E. The application of this section to taxable years of less than twelvemonths shall be in accordance with regulations prescribed by the TaxCommissioner.
F. Payment of the estimated income tax, or any installment thereof, shall beconsidered payment on account of the income tax imposed by this chapter forthe taxable year.
G. The Tax Commissioner may grant a reasonable extension of time for paymentof estimated tax (or any installment), or for filing any declaration pursuantto this article, on condition that the taxpayer shall pay interest on theamount involved at a rate determined in accordance with § 58.1-15, from thetime the payment was due until the time of payment. No such extension shallexceed six months.
(Code 1950, § 58-151.38; 1968, c. 14; 1977, c. 396; 1984, c. 675.)
§ 58.1-502. Installment payment of estimated income tax.
A. The amount of estimated tax with respect to which a declaration isrequired under § 58.1-500 shall be paid in installments as follows:
1. If the declaration is required to be filed by the fifteenth day of thefourth month of the taxable year, twenty-five percent of the estimated taxshall be paid on the fifteenth day of the fourth, sixth, ninth and twelfthmonth of the taxable year.
2. If the declaration is required to be filed by the fifteenth day of thesixth month of the taxable year, one-third of the estimated tax shall be paidon the fifteenth day of the sixth, ninth and twelfth month of the taxableyear.
3. If the declaration is required to be filed by the fifteenth day of theninth month of the taxable year, one-half of the estimated tax shall be paidon the fifteenth day of the ninth and twelfth month of the taxable year.
4. If the declaration is required to be filed by the fifteenth day of thetwelfth month of the taxable year, 100 percent of the estimated tax shall bepaid on the fifteenth day of the twelfth month of the taxable year.
B. A declaration is timely filed if it is not required by § 58.1-501 A to befiled on a date (determined without regard to any extension of time forfiling the declaration) before the date it is actually filed.
C. If the declaration is filed after the time prescribed in § 58.1-501 A(determined without regard to any extension of time for filing thedeclaration), there shall be paid at the time of such filing all installmentsof estimated tax which would have been payable on or before such time if thedeclaration had been filed within such prescribed time, and the remaininginstallments shall be paid at the times at which, and in the amounts inwhich, they would have been payable if the declaration had been so filed.
D. If any amendment of a declaration is filed, the amount of each remaininginstallment (if any) shall be the amount which would have been payable if thenew estimate had been made when the first estimate for the taxable year wasmade, increased or decreased (as the case may be), by the amount computed bydividing: 1. the difference between (i) the amount of estimated tax requiredto be paid before the date on which the amendment is made, and (ii) theamount of estimated tax which would have been required to be paid before suchdate if the new estimate had been made when the first estimate was made, by2. the number of installments remaining to be paid on or after the date onwhich the amendment is made.
E. The application of this section to taxable years of less than twelvemonths shall be in accordance with regulations prescribed by the TaxCommissioner.
F. Payment of the estimated income tax, or any installment thereof, shall beconsidered payment on account of the income tax imposed by this chapter forthe taxable year.
G. The Tax Commissioner may grant a reasonable extension of time for paymentof estimated tax (or any installment), or for filing any declaration pursuantto this article, on condition that the taxpayer shall pay interest on theamount involved at a rate determined in accordance with § 58.1-15, from thetime the payment was due until the time of payment. No such extension shallexceed six months.
(Code 1950, § 58-151.38; 1968, c. 14; 1977, c. 396; 1984, c. 675.)
