INSTALLMENT PAYMENTS OF ESTIMATED INCOME TAX BY CORPORATIONS.

SEC. 104. INSTALLMENT PAYMENTS OF ESTIMATED INCOME TAX BY CORPORATIONS. (a) In General.— Subsection (a) of section 6154 (relating to installment payments of estimated income tax by corporations) is amended to read as follows: “(a) Amount and Time for Payment of Each Installment.— The amount of estimated tax (as defined in section 6016(b)) with respect to which a declaration is required under section 6016 shall be paid as follows: “(1) Taxable years beginning in 1960.— With respect to taxable years beginning after December 31, 1965, and before Jan-80 Stat. 65uary 1, 1967, such estimated tax shall be paid in installments in accordance with the following table: “If the declaration is timely filed on or before the 15th day of the— The following percentages of the estimated tax shall be paid on the 15th day of the— 4th month 6th month 9th month 12th month 4th month of the taxable year 12 12 25 25 6th month of the taxable year (but after the 15th day of the 4th month) _ _ _ _ _ _ _ _ _ _ _ _ 16 29 29 9th month of the taxable year (but after the 15th day of the 6th month) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 37 37 12th month of the taxable year (but after the 15th day of the 9th month) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 74 “(2) Taxable years beginning after 1966.— With respect to taxable years beginning after December 31, 1966, such estimated tax shall be paid in installments in accordance with the following table: “If the declaration is timely filed on or before the 15th day of the— The following percentages of the estimated tax shall be paid on the 15th day of the— 4th month 6th month 9th month 12th month 4th month of the taxable year 25 25 25 25 6th month of the taxable year (but after the 15th day of the 4th month) _ _ _ _ _ _ _ _ _ _ _ _ 33½ 33⅓ 33⅓ 9th month of the taxable year (but after the 15th day of the 6th month) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 50 50 12th month of the taxable year (but after the 15th day of the 9th month) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 100 “(3) Timely filing.—A declaration is timely filed for the purposes of paragraphs (1) and (2) if it is not required by section 6074(a) to be filed on a date (determined without regard to any extension of time for filing the declaration under section 6081) before the date it is actually filed. “(4) 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), 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) Effective Date.—The amendment made by subsection (a) shall apply with respect to taxable years beginning after December 31, 1965.