Title 15 . Revenue

Chapter 21 . (Repealed)

Section 710. Payments; installments

15 AAC 21.710. Payments; installments

(a) For the 1978 tax year, each taxpayer shall prepay its estimated tax under this chapter in an installment on or before March 15, 1979, which, when combined with the taxpayer's installment payments (if any) of estimated tax under AS 43.20 and 15 AAC 20 made after December 31, 1977, brings the total prepaid tax to 100 percent of the tax and surtax on the taxpayer's total estimated 1978 net taxable income under this chapter, as that net taxable income is estimated and reported by the taxpayer at the time it makes the installment.

(b) For tax years after the 1978 tax year, each taxpayer shall prepay its estimated tax under this chapter in installments in accordance with the following schedule:

(1) On June 15 of each year (for a fiscal-year taxpayer, the 15th day of the sixth month after the start of the fiscal year), a first installment comes due that is equal to one-quarter of the tax and surtax on the taxpayer's total estimated net taxable income for that year under this chapter, as that net taxable income is then estimated and reported by the taxpayer.

(2) On September 15 of each year (for a fiscal-year taxpayer, the 15th day of the ninth month after the start of the fiscal year), a second installment comes due that, when combined with the first installment, brings the total prepaid tax to one-half of the tax and surtax on the taxpayer's total estimated net taxable income for that year under this chapter, as that net taxable income is then estimated and reported by the taxpayer.

(3) On December 15 of each year (for a fiscal-year taxpayer, the 15th day of the 12th month after the start of the fiscal year), a third installment comes due that, when combined with the first two installments, brings the total prepaid tax to three-quarters of the tax and surtax on the taxpayer's total estimated net taxable income for that year under this chapter, as that net taxable income is then estimated and reported by the taxpayer.

(4) On March 15 of each year (for a fiscal-year taxpayer, the 15th day of the 15th month after the start of the fiscal year), a fourth installment comes due that, when combined with the first three installments, brings the total prepaid tax to 100 percent of the tax and surtax on the taxpayer's total estimated net taxable income under this chapter for the year in question, as that net taxable income is then estimated and reported by the taxpayer.

(c) If, because of unexpected events, a taxpayer has to revise its total estimated net taxable income downward so significantly that its prior installments that year under (b) of this section equal or exceed the amount to which the total prepaid tax is to be brought when the next installment comes due, then the taxpayer needs only to report the current estimate of its total tax for that year and does not need to make any further payment as an installment at that time. No refund will be made at that time as the result of a taxpayer's having an apparent overpayment from its prior installments; however, if the condition of overpayment continues until the time of the department's assessment under 15 AAC 21.700, the remaining overpayment will then be handled as an ordinary refund under 15 AAC 21.720.

(d) At the time a taxpayer files its tax return required under 15 AAC 21.700, the taxpayer shall pay the excess, if any, of its total tax over the amount already paid by the taxpayer in its installments under this section.

(e) If the department's assessment under 15 AAC 21.700 shows a total tax for a taxpayer greater than the amount already paid by the taxpayer in its installments and its payment made at the time of filing its return under 15 AAC 21.700 for that year, the taxpayer shall pay the additional amount of tax on or before September 30 (for a fiscal-year taxpayer, the last day of the ninth month after the month in which the taxpayer's latest fiscal year ended).

(f) Repealed 9/15/82.

(g) Payments and reports required under this section shall be made on the same basis as returns required under 15 AAC 21.700.

History: Eff. 2/22/79, Register 69; am 5/21/81, Register 78; am 9/15/82, Register 83

Authority: AS 43.05.080

AS 43.05.280

AS 43.21.070

AS 43.21.090