§ 5855 -   Payments as tax liability

§ 5855. Payments as tax liability

(a) Any payment of estimated tax required to be made under the provisions of this subchapter shall be deemed to be a tax liability for the purposes of this chapter. All of the provisions of this chapter, including, without limitation, the provisions governing interest and penalties for nonpayment of tax liabilities, liens, levies and appeals shall apply to underpayments of estimated tax except as such provisions conflict with the express provisions of this subchapter.

(b) No interest or penalty shall be assessed for underpayment of estimated tax for any taxable year if:

(1) the tax shown on the return for such taxable year (or, if no return is filed, the tax), reduced by the amount deducted and withheld for the taxable year under subchapter 4 of this chapter, is less than $500.00; or

(2) the preceding taxable year was a taxable year of 12 months and the taxpayer did not have any liability for tax for the preceding taxable year. (Added 1966, No. 61 (Sp. Sess.), eff. Jan. 1, 1966; amended 1967, No. 121, § 12, eff. Jan. 1, 1968; 1985, No. 266 (Adj. Sess.), § 8, eff. June 4, 1986; 1989, No. 119, § 5, eff. June 22, 1989; 1997, No. 156 (Adj. Sess.), § 6, eff. April 29, 1998; 2001, No. 140 (Adj. Sess.), § 10, eff. June 21, 2002.)