CURRENT TAX PAYMENTS BY CORPORATIONS.

SEC. 122. CURRENT TAX PAYMENTS BY CORPORATIONS. (a) Installment Payments of Estimated Income Tax by Corporations.—Section 6154 (relating to installment payments of estimated income tax by corporations) is amended to read as follows: “SEC. 6154. INSTALLMENT PAYMENTS OF ESTIMATED INCOME TAX BY CORPORATIONS. “(a) Amount and Time for Payment of Each Installment.—The amount of estimated (ax (as defined in section 6016(b)) with respect to which a declaration is required under section 6016 shall be paid as follows: “(1) Payment in installments.—If the declaration is filed on or before the 15th day of the 4th month of the taxable year, the estimated tax shall be paid in 4 installments. The amount 78 Stat. 26and time for payment of each installment shall be determined in accordance with the following table: “If the taxable year begins in— The following percentages of the estimated tax shall be paid on the 15th day of the— 4th 6th 9th 12th month month month month 1964 1 1 1 25 1965 4 4 25 25 1966 9 9 25 25 1967 14 14 25 25 1968 19 19 25 25 1969 22 22 25 25 1970 or any subsequent year 25 25 25 25 “(2) Payment in 3 installments.—If the declaration is filed after the 15th day of the 4th month and not after the 15th day of the 6th month of the taxable year, and is not required by section 6074(a) to be filed on or before the 15th day of such 4th month, the estimated tax shall be paid in 3 installments. The amount and time for payment of each installment shall be determined in accordance with the following table: “If the taxable year begins in— The following percentages of the estimated tax shall be paid on the 15th day of the— 6th month 9th month 12th month 1964 1⅓ 25⅓ 25⅓ 1965 5⅓ 26⅓ 26⅓ 1966 12 28 28 1967 18⅔ 29⅔ 29⅔ 1968 25⅓ 31⅓ 31⅓ 1969 29⅓ 32⅓ 32⅓ 1970 or any subsequent year 33⅓ 33⅓ 33⅓ “(3) Payment in 2 installments.—If the declaration of estimated tax is filed after the 15th day of the 6th month and not after the 15th day of the 9th month of the taxable year, and is not required by section 6074(a) to be filed on or before the 15th day of such 6th month, the estimated tax shall be paid in 2 installments. The amount and time for payment of each installment shall be determined in accordance with the following table: “If the taxable year begins in— The following percentages of the estimated tax shall be paid on the 15th day of the— 9th month 12th month 1964 26 26 1965 29 29 1966 34 34 1967 39 39 1968 44 44 1969 47 47 1970 or any subsequent year 50 50 78 Stat. 27 “(4) Payment in 1 installment.—If the declination of estimated fax is filed after the 15th day of the 9th month of the taxable year, and is not required by section 6074(a) to be filed on or before the 15th day of such 9th month, the estimated tax shall be paid in 1 installment. The amount and time for payment of the installment shall be determined in accordance with the following table: “If the taxable year begins in— The following percentages of the estimated tax shall be paid on the 15th day of the 13th month 1964 52 1965 58 1966 68 1967 78 1968 88 1969 94 1970 or any subsequent year 100 “(5) Late filing.—If the declaration is filed after the time prescribed in section 6074(a) (determined without regard to any extension of time for filing the declaration under section 6081), paragraphs (2), (3), and (4) of this subsection shall not apply, and there shall be paid at the time of such filing all installments of estimated tax which would have been payable on or before such time if the declaration had been filed within the time prescribed in section 6074(a), 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 so filed. “(b) Amendment of Declaration.—If any amendment of a declaration is filed, the amount of each remaining installment (if any) shall be the amount which would have been payable if the new estimate had been made when the first estimate for the taxable year was made, increased or decreased (as the case may be), by the amount computed by dividing— “(1) The difference between (A) the amount of estimated tax required to be paid before the date on which the amendment is made, and (B) the amount of estimated tax which would have been required to be paid before such date if the new estimate had been made when the first estimate was made, by “(2) the number of installments remaining to be paid on or after the date on which the amendment is made. “(c) Application to Short Taxable Year.—The application of this section to taxable years of less than 12 months shall be in accordance with regulations prescribed by the Secretary or his delegate. “(d) Installments Paid in Advance.—At the election of the corporation, any installment of the estimated tax may be paid before the date prescribed for its payment.” (b) Time for Filing Declarations of Estimated Income Tax by Corporations.—Section 6074 (relating to time for filing declarations of estimated income tax by corporations) is amended to read as follows: 78 Stat. 28 “SEC. 6074. TIME FOR FILING DECLARATIONS OF ESTIMATED INCOME TAX BY CORPORATIONS. “(a) General Rule.—The declaration of estimated tax required of corporations by section 6016 shall be filed as follows: “If the requirements of section 6016 are first met— The declaration shall be filed on or before— before the 1st day of the 4th month of the taxable year the 15th day of the 4th month of the taxable year after the last day of the 3d month, and before the 1st day of the 6th month of the taxable year the 15th day of the 6th month of the taxable year after the last day of the 5th month and before the 1st day of the 9th month of the taxable year the 15th day of the 9th month of the taxable year after the last day of the 8th month and before the 1st day of the 12th month of the taxable year the 15th day of the 12th month of the taxable year “(b) Amendment.—An amendment of a declaration may be filed in any interval between installment dates prescribed for the taxable year, but only one amendment may be filed in each such interval. “(c) Short Taxable Year.—The application of this section to taxable years of less than 12 months shall be in accordance with regulations prescribed by the Secretary or his delegate.” (c) Failure by Corporations to Pay Estimated Income Tax.— (1) The last sentence of section 6655(c)(2) (relating to period of underpayment) is amended to read as follows: “For purposes of this paragraph, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subsection (b)(1) for such installment date.” (2) Paragraph (3) of section 6655(d) (relating to exception) is amended to read as follows: “(3) (A) An amount equal to 70 percent of the tax for the taxable year computed by placing on an annualized basis the taxable income: “(i) for the first, 3 months of the taxable year, in the case of the installment inquired to be paid in the 4th month, “(ii) for the first 3 months or for the first 5 months of the taxable year, in the case of the installment required to be paid in the 6th month, “(iii) for the first 6 months or for the first 8 months of the taxable year in the case of the installment required to be paid in the 9th month, and “(iv) for the first 9 months or for the first 11 months of the taxable year, in the case of the installment required to be paid in the 12th month of the taxable year. “(B) For purposes of this paragraph, the taxable income shall be placed on an annualized basis by— “(i) multiplying by 12 the taxable income referred to in subparagraph (A), and “(ii) dividing the resulting amount by the number of months in the taxable year (3, 5, 6, 8, 9, or 11, as the case maybe) refer red to in subparagraph (A).” 78 Stat. 29 (d) Technical Amendment.—Section 6016(f) (relating to declarations of estimated income tax by corporations) is amended to read as follows: “(f) Cross Reference.— “For provisions relating to the number of amendments which may be filed, see section 6074(b).”