Bill > H4027

This bill amends Chapter 63B of the General Laws, which pertains to the payment of estimated corporate taxes, by changing the schedule for these payments. Specifically, it establishes that for each taxable year, there will be four required installments, each due on the fifteenth day of the third, sixth, ninth, and twelfth months of the taxable year, with each installment representing 25 percent of the total required annual payment. The bill also modifies the penalties for late payments, outlining that if the first estimated tax installment is paid after the third month but by the sixth month, 50 percent of the estimated tax is due then, with the remaining 50 percent split between the third and fourth installments; if the first installment is paid after the sixth month but by the ninth month, 75 percent of the estimated tax is due then, with the remaining 25 percent due in the final installment.