Section 8 - Payments on account of estimated tax1.Every taxpayer subject to the tax imposed by section three of this part shall pay with the report required to be filed for the preceding privilege period, if any, or with an application for extension of the time for filing such report, an amount equal to twenty-five per centum of the preceding year's tax, computed without regard to the credits provided for in section four-b, four-c, four-d, four-e, four-f, four-g and four-h of this part if such preceding year's tax exceeded one thousand dollars.2.The estimated tax with respect to which a declaration for such privilege period is required shall be paid, in the case of a taxpayer which reports on the basis of a calendar year, as follows: (a) If the declaration is filed on or before June fifteenth, the estimated tax shown thereon, after applying thereto the amount, if any, paid during the same privilege period pursuant to subdivision one, shall be paid in three equal installments. One of such installments shall be paid at the time of the filing of the declaration, one shall be paid on the following October fifteenth, and one on the following January fifteenth.(b) If the declaration is filed after June fifteenth and not after October fifteenth of such privilege period, and is not required to be filed on or before June fifteenth of such period, the estimated tax shown on such declaration, after applying thereto the amount, if any, paid during the same privilege period pursuant to subdivision one, shall be paid in two equal installments. One of such installments shall be paid at the time of the filing of the declaration and one shall be paid on the following January fifteenth.(c) If the declaration is filed after October fifteenth of such privilege period, and is not required to be filed on or before October fifteenth of such privilege period, the estimated tax shown on such declaration, after applying thereto the amount, if any, paid in respect of such privilege period pursuant to subdivision one, shall be paid in full at the time of the filing of the declaration.(d) If the declaration is filed after the time prescribed therefor, or after the expiration of any extension of time therefor, paragraphs (b) and (c) of this subdivision shall not apply, and there shall be paid at the time of such filing all installments of estimated tax payable at or before such time, and the remaining installments shall be paid at the times at which, and in the amounts in which, they would have been payable if the declaration had been filed when due.3.If any amendment of a declaration is filed, the remaining installments, if any, shall be ratably increased or decreased (as the case may be) to reflect any increase or decrease in the estimated tax by reason of such amendment, and if any amendment is made after October fifteenth of the privilege period, any increase in the estimated tax by reason thereof shall be paid at the time of making such amendment.4.Any amount paid pursuant to subdivision one or the first sentence of subdivision three shall be applied after payment as a first installment against the estimated tax of the taxpayer for the current privilege period shown on the declaration required to be filed pursuant to section seven of this part or, if no declaration of estimated tax is required to be filed by the taxpayer pursuant to such section, any such amount shall be considered a payment on account of the tax shown on the report required to be filed by the taxpayer for such privilege period.5.Notwithstanding the provisions of section seventy-nine of this title or of section three-a of the general municipal law, if an amount paid pursuant to subdivision one exceeds the tax shown on the report required to be filed by the taxpayer for the privilege period during which the amount was paid, interest shall be allowed and paid on the amount by which the amount so paid pursuant to such subdivision exceeds such tax, at the rate set by the commissioner of finance pursuant to section eighty-seven of part six, or, if no rate is set, at the rate of four per centum per annum from the date of payment of the amount so paid pursuant to such subdivision to the fifteenth day of the third month following the close of the privilege period, provided, however, that no interest shall be allowed or paid under this subdivision if the amount thereof is less than one dollar or if such interest becomes payable solely because of a carryback of a net operating loss in a subsequent privilege period.6.As used in this section, "the preceding year's tax" means the tax imposed upon the taxpayer by section three of this part for the preceding calendar or fiscal year, or, for purposes of computing the first installment of estimated tax when an application has been filed for extension of the time for filing the report required to be filed for such preceding calendar or fiscal year, the amount properly estimated pursuant to section seven of this part as the tax imposed upon the taxpayer for such calendar or fiscal year.7.This section shall apply to a privilege period of less than twelve months in accordance with regulations of the director of finance.8.The provisions of this section shall apply to privilege periods of twelve months other than a calendar year by the substitution of the months of such fiscal year for the corresponding months specified in such provisions.9.The commissioner of finance may grant a reasonable extension of time, not to exceed six months, for payment of any installment of estimated tax required pursuant to this section, on such terms and conditions as it may require, including the furnishing of a bond or other security by the taxpayer in an amount not exceeding twice the amount for which any extension of time for payment is granted, provided, however that interest at the rate set by the commissioner of finance pursuant to section eighty-seven of part six, or, if no rate is set, at the rate of six per centum per annum for the period of the extension shall be charged and collected on the amount for which any extension of time for payment is granted under this subdivision.10.A taxpayer may elect to pay any installment of estimated tax prior to the date prescribed in this section for payment thereof.11.The portion of an overpayment attributable to a credit allowable pursuant to section four-a of this part may not be credited against any payment due under this section.N.Y. General City Model Law § 8