Quarterly estimated tax; annual tax liability exceeding $1,000;
quarterly payments by taxpayers whose quarterly payments exceed
$10,000
Sec. 3. (a) Each taxpayer subject to taxation under this article
shall report and pay quarterly an estimated tax equal to twenty-five
percent (25%) of the taxpayer's total estimated tax liability imposed
by this article for the taxable year. A taxpayer that uses a taxable
year that ends on December 31 shall file the taxpayer's estimated
quarterly financial institutions tax return and pay the tax to the
department on or before April 20, June 20, September 20, and
December 20 of the taxable year, without assessment or notice and
demand from the department. If a taxpayer uses a taxable year that
does not end on December 31, the due dates for filing the estimated
quarterly financial institutions tax return and paying the tax are on or
before the twentieth day of the fourth, sixth, ninth, and twelfth
months of the taxpayer's taxable year. The department shall prescribe
the manner and furnish the forms for reporting and payment.
(b) Subsection (a) is applicable only to taxpayers having a tax
liability imposed under this article that exceeds one thousand dollars
($1,000) for the taxable year.
(c) If the department determines that a taxpayer's:
(1) estimated quarterly financial institutions tax liability for the
current year; or
(2) average quarterly financial institutions tax payment for the
preceding year;
exceeds ten thousand dollars ($10,000), the taxpayer shall pay the
quarterly financial institutions taxes due by electronic fund transfer
(as defined in IC 4-8.1-2-7) or by delivering in person or by
overnight courier a payment by cashier's check, certified check, or
money order to the department. The transfer or payment shall be
made on or before the date the tax is due.
(d) If a taxpayer's financial institutions tax payment is made by
electronic fund transfer, the taxpayer is not required to file a
quarterly financial institutions tax return.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991,
SEC.15; P.L.28-1997, SEC.21; P.L.129-2001, SEC.9.
Last modified: May 28, 2006