59-7-504.  Estimated tax payments — Penalty — Waiver.

(1)  Except as provided in Subsection (2), a corporation subject to taxation under this chapter that has a tax liability of $3,000 or more in either the current tax year or the previous tax year shall make a payment of an estimated tax on or before the day on which the corporation is required to make a payment of an estimated tax for the same time period to the federal government.

Terms Used In Utah Code 59-7-504

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: includes :
(a) entities defined as corporations under Sections 7701(a) and 7704, Internal Revenue Code; and
(b) other organizations that are taxed as corporations for federal income tax purposes under the Internal Revenue Code. See Utah Code 59-7-101
  • Income: includes losses. See Utah Code 59-7-101
  • Internal Revenue Code: means Title 26 of the United States Code as effective during the year in which Utah taxable income is determined. See Utah Code 59-7-101
  • return: includes a combined report. See Utah Code 59-7-101
  • Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
    • (2)  The provisions of Section 6655, Internal Revenue Code, shall govern the payment described in Subsection (1), except that:

    (a)  for the first year a corporation is required to file a return in Utah, that corporation is not subject to Subsection (1) if the corporation makes a payment on or before the due date of the return, without extensions, equal to or greater than the minimum tax required under Section 59-7-104 or 59-7-201;

    (b)  the applicable percentage of the required annual payment, as defined in Section 6655, Internal Revenue Code, for annualized income installments, adjusted seasonal installments, and those estimated tax payments based on the current year tax liability shall be:

    Installment Percentage
    1st 22.5
    2nd 45.0
    3rd 67.5
    4th 90.0

    (c)  a large corporation shall be treated as any other corporation for purposes of this section;

    (d)  if a taxpayer elects a different annualization period than the one used for federal purposes, the taxpayer shall make an election with the commission at the same time as provided under Section 6655, Internal Revenue Code; and

    (e)  the due date shall be superseded by the due date for federal estimated payments if modified by other federal action.

    (3)  A penalty shall be added as provided in Section 59-1-401 for any quarterly estimated tax payment that is not made in accordance with this section.

    (4)  There shall be no interest added to any estimated tax payments subject to a penalty under this section.

    Amended by Chapter 367, 2021 General Session

      Previous section
    Next section  
     Part 5 Contents