DRS: 12-721(b)-1, Fiscal years - Repealed Effective 4/6/00

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Repealed Effective 4/6/00 

Connecticut Regulation, Reg. Sec. 12-721(b)-1. Fiscal years.

(a) The provisions of this Part apply to a taxable year other than a calendar year by the substitution of the corresponding fiscal year months for the calendar months referred to in this Part. Therefore, in the case of a taxpayer reporting on a fiscal year basis, the dates prescribed for payment of installments of estimated tax shall be the fifteenth day of the fourth month, the fifteenth day of the sixth month, the fifteenth day of the ninth month of the taxable year and the fifteenth day of the first month of the succeeding taxable year.

(b) Examples:

Example 1: A taxpayer has a fiscal year ending April 30. The declaration of estimated tax and first estimated tax payment are due August 15 (the fourth month of the fiscal year), the second installment is due October 15 (the sixth month), the third installment is due January 15 (the ninth month) and the final installment is due May 15 (the first month of the succeeding taxable year).

Example 2: A taxpayer having a fiscal year ending on June 30 first meets the requirement to make a declaration of estimated tax on January 15. The declaration of estimated tax shall be filed, and the first of two equal installments shall be paid, on or before March 15 (the ninth month of the fiscal year) and the other on or before July 15 (the first month of the succeeding taxable year), unless the taxpayer elects to pay the full amount due on the due date of the first installment, March 15.

(c) While this section pertains to Section 12-721(b) of the general statutes, for purposes of supplementary interpretation, as the phrase is used in Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-740(a) of the general statutes.

(Effective 11/18/1994)