                                 CODE OF VIRGINIA

PAYMENTS OF ESTIMATED TAX (§ 58.1-491)

A. The estimated tax with respect to which a declaration is required shall be
paid as follows:

   1. If the declaration is filed on or before May 1 of the taxable year, the
   estimated tax shall be paid in four equal installments. The first installment
   shall be paid at the time of the filing of the declaration, and the second,
   third and fourth installments shall be paid on the following June 15,
   September 15, and January 15, respectively.

   2. If the declaration is filed after May 1 and not after June 15 of the
   taxable year, and is not required to be filed on or before May 1 of the
   taxable year, the estimated tax shall be paid in three equal installments. The
   first installment shall be paid at the time of the filing of the declaration,
   and the second and third installments shall be paid on the following September
   15 and January 15, respectively.

   3. If the declaration is filed after June 15 and not after September 15 of the
   taxable year, and is not required to be filed on or before June 15 of the
   taxable year, the estimated tax shall be paid in two equal installments. The
   first installment shall be paid at the time of the filing of the declaration,
   and the second shall be paid on the following January 15.

   4. If the declaration is filed after September 15 of the taxable year, and is
   not required to be filed on or before September 15 of the taxable year, the
   estimated tax shall be paid in full at the time of the filing of the
   declaration.

   5. If the declaration is filed after the time prescribed therefor, or after
   the expiration of any extension of time therefor, subdivisions 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 payable at or before such time, 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
   filed when due.

B. If an individual referred to in subsection F of &#xA7; 58.1-490 (relating to
income from farming or fishing) makes a declaration of estimated tax after
September 15 of the taxable year and on or before the following January 15, the
estimated tax shall be paid in full at the time of the filing of the
declaration.

C. If any amendment of a declaration is filed, the remaining installments, if
any, shall be ratably increased or decreased (as the case may be) to reflect any
increase or decrease in the estimated tax by reason of such amendment, and if
any amendment is made after September 15 of the taxable year, any increase in
the estimated tax by reason thereof shall be paid at the time of making such
amendment.

D. This section shall apply to a taxable year of less than twelve months in
accordance with regulations of the Tax Commissioner.

E. This section shall apply to a taxable year other than a calendar year by the
substitution of the months of such fiscal year for the corresponding months
specified in this section.

F. An individual may elect to pay any installment of his estimated tax prior to
the date prescribed for its payment. An individual may also elect to file a
declaration of estimated tax in the closing days of a calendar year for his
taxable year about to begin, and may pay in full the amount of his estimated tax
for such taxable year at the time he files the declaration.

G. Payment of the estimated tax, or any installment thereof, shall be considered
payment on account of the tax for the taxable year.

H. The Tax Commissioner may grant a reasonable extension of time for payment of
estimated tax (or any installment), or for filing any declaration pursuant to
this article, on condition that the taxpayer shall pay interest on the amount
involved at a rate determined in accordance with &#xA7; 58.1-15, from the time
the payment was due until the time of payment. Except for a taxpayer who is
outside the United States, no such extension shall exceed six months.

HISTORY: Code 1950, § 58-151.22; 1962, c. 612; 1978, c. 157; 1984, c. 675.