Bill > H2458

This bill amends Chapter 63B of the General Laws, which pertains to corporate taxes, by changing the schedule for paying estimated corporate taxes. Specifically, it establishes that corporations will have four required installments for their estimated taxes each taxable year, with each installment being 25% of the total required annual payment. These installments are due on or before the 15th day of the third, sixth, ninth, and twelfth months of the taxable year. The bill also modifies provisions related to late payments, outlining that if the first estimated tax installment is paid late but by the sixth month, 50% of the tax is due then, with the remaining 50% split between the ninth and twelfth month payments. If the first installment is paid even later, by the ninth month, 75% of the tax is due then, with the remaining 25% due by the twelfth month.