15 AAC 77.025. Election to make estimated tax payments

(a) In lieu of the bond or security required of nonresident persons in AS 43.10.160 , a person may elect to make payments of the tax estimated to be due for the year. The estimated tax payments shall be made in equal quarterly installments on or before March 31, June 30, September 30, and December 31 of each calendar year for which a tax is due.

(b) A person who makes the election in (a) of this section, but who fails to make estimated tax payments in equal installments that total at least 90 percent of the person's tax liability for the year, shall pay a penalty computed for each quarter for which a sufficient estimated tax was not paid. The estimated tax penalty is determined by applying the interest rate specified in AS 43.05.225 to the underpayment in each quarter.

(c) For tax years after 1994, a person shall not be subject to the estimated tax penalty if the person makes estimated tax payments in equal installments that equal or exceed the liability of the person for tax under AS 43.77 in the previous tax year.

(d) The election under this section must be made before the landing of fishery resources in the state or June 2 of each year, whichever is earlier. The election must be made on a form provided by the department.

(e) An election made under this section applies only to the fishery resource landing tax and does not relieve a person from compliance with the provisions of AS 43.10.160 with respect to other taxes to which the person may be subject.

History: Eff. 4/20/94, Register 130

Authority: AS 43.10.160

AS 43.77.070

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