-222                      UNDERPAYMENT OF ESTIMATED TAX BY                                                                                                          2022
                                                                       BUSINESS AND GENERAL CORPORATIONS
                                                                       ATTACH TO FORM NYC-2, NYC-2A, NYC-2S, NYC-3L, NYC-3A, NYC-4S OR NYC-4SEZ

                                                        For CALENDAR YEAR 2022 or FISCAL YEAR beginning  ____________________, 2022 and ending _______________________            
                             Print or Type t
                           Name:                                                                                                                                                      EMPLOYER IDENTIFICATION NUMBER 

             *30912291*

                            Computation of Underpayment
1.   2022 tax (from NYC-2, Sch. A, line 4; NYC-2A, Sch. A, line 6; NYC-2S, Sch. A, line 4; NYC-3L, Sch. A, line 6; 
     NYC-4S, Sch. A, line 5; NYC-4S-EZ, Sch. A, line 3; or NYC-3A, Sch. A, line 8)  .............................................................. 1.
2.   Credits (from NYC-2, Schedule A, lines 5, 7, 8, 9 and 11; NYC-2A, Schedule A, lines 7, 9, 10, 11 and 13; 
     NYC-3L, Schedule A, lines 7, 9a, 9b, 10a and 10c or NYC-3A, Schedule A, lines 9, 11a, 11b, 12a and 12c)  ..................... 2.
3.   Line 1 less line 2 ............................................................................................................................................................. 3.
4.   90% of line 3.................................................................................................................................................................... 4.
                                                                                                         1 - FIRST                                              2 - SECOND           3 - THIRD               4 - FOURTH 
       Enter quarterly due dates of installments                       :

5a.  2020 Business Corporation Tax ........................5a. 
      
5b.  2021 General Corporation Tax...........................5b. 
6a.  C Corps:  If line 5a is over $1,000, enter 25% of line 5a or  
     amount from Form NYC-300, line 2, if filed for 2022...............................6a. 
6b.  S Corps:  If line 5b is over $1,000, enter 25% of line 5b or  
     amount from NYC-EXT, line 2, if filed for 2021. .................................6b. 

7.   Line 4 less line 6a or 6b  ....................................7. 
  8. Enter amount of the installments due in Quarters 2, 3 and 4       (see inst.)                   ........................................8. 

  9. Amount paid or credited for each period ..............................................9. 
10.  Overpayment of previous installment (see instructions)            .............................................................10. 
11.  Total of lines 9 and 10  .......................................................................11. 

12.                     Quarters 2, 3 and 4 ..... line 11 less line 8                 
     OVERPAYMENT:       Quarter 1 ..................... line 11 less line 6a or 6b    12. 
           
     UNDERPAYMENT:      Quarter 1 ..................... line 6a or 6b less line 11    13.
13.                     Quarters 2, 3 and 4 ..... line 8 less line 11                 
                                                                                                                                                                                     COMPUTATION CONTINUES ON PAGE 2
Exceptions that Avoid the Underpayment Penalty
Total cumulative amount paid or credited from the beginning of the                                       1 -FIRST QUARTER                                       2 -SECOND QUARTER    3 -THIRD QUARTER        4 -FOURTH QUARTER
taxable year through the installment dates that correspond to the  
15th day of the 3rd, 6th, 9th and 12th months of the taxable year ............... 
                                                                                                                                                                    50% of 2021 tax      75% of 2021 tax         100%  of 2021 tax
s    EXCEPTION 1-       Prior year's tax (2021)         $ ___________________ 
     ( see instructions)....................................................................................................................................... 
s    EXCEPTION 2-       Tax on prior year's facts and law using 2022 rates                                                                                          Enter 50% of tax     Enter 75% of tax        Enter 100% of tax
     ( attach computation) (see instructions)...................................................................................................... 
s    EXCEPTION 3-       Tax on annualized 2022 income                                                                                                               Enter 45% of tax     Enter 67.50% of tax     Enter 90% of tax
     ( attach computation) (see instructions)..................................................................................................... 
s    EXCEPTION 4-       Tax on recurring seasonal 2022 income 
     (attach computation) (see instructions)......................................................................................................
30912291                                                                                                                                                                                                             NYC-222 - 2022

 Form NYC-222 - 2022                                                                                                                                                 Page 2
    COMPUTATION OF PENALTY                                                                           1 - FIRST 2 - SECOND 3 - THIRD            4 - FOURTH 

14. Enter the date of payment or the 15th day of the 3rd month 
    after the close of the taxable year, whichever is earlier..................14.  

15. Number of days from due date of installment to the date  
    shown on line 14.............................................................................15. 

16. Number of days on line 15 after 3/15/2022 and before 4/1/2022 ...16. 

17. Number of days on line 15 after 3/31/2022 and before 7/1/2022 ...17. 

18. Number of days on line 15 after 6/30/2022 and before 10/1/2022 .18. 

19. Number of days on line 15 after 9/30/2022 and before 1/1/2023 ...19. 

20. Number of days on line 15 after 12/31/2022 andbefore 4/1/2023 . 20.  

21. Number of days on line 15 after 3/31/2023 and before 7/1/2023 ...21. 

22. Number of days on line 15 after 6/30/2023 and before 10/1/2023 .22. 

23. Number of days on line 15 after 9/30/2023 and before 1/1/2024 ...23. 

24. Number of days on line 15 after 12/31/2023 and before 3/15/2024 ....24. 

25. Number of days on line 16 x 7.5% x amount on line 13  
                           365                            ...............25. 
26. Number of days on line 17 x 8% x amount on line 13  
                           365                            ...............26. 
27. Number of days on line 18 x 9% x amount on line 13  
                           365                            ...............27. 
28. Number of days on line 19 x 10% x amount on line 13  
                           365                            ...............28. 
29. Number of days on line 20 x * % x amount on line 13  
                           365                            ...............29. 
30. Number of days on line 21 x * % x amount on line 13  
                           365                            ...............30. 
31. Number of days on line 22 x * % x amount on line 13  
                           365                            ...............31. 
32. Number of days on line 23 x * % x amount on line 13  
                           365                            ...............32. 
33. Number of days on line 24 x * % x amount on line 13  
                           366                            ...............33. 
 
34. Add lines 25 through 33 .................................................................34. 
 
35.
    To complete this line, refer to the instructions for line 35 ...............35.
36. Add the amounts on line 34 (or line 35, if applicable) for quarters 1 through 4.  Enter total and transfer amount to Form NYC-4SEZ,  
    line 9c, Form NYC-4S, Schedule A, line 11c, Form NYC-3L, Schedule A, line 17c, Form NYC-3A, Sch. A, line 19c, Form NYC-2,  
    Schedule A, line 16c, Form NYC-2A, Schedule A, line 18c or Form NYC-2S, Sch. A, line 8c. (see instructions for line 35)   ..............36.

                                                                                                               *For information regarding interest rates, call 311.  
                                                                                                               If calling from outside of the five NYC boroughs, 
                                                                                                               please call 212-NEW-YORK (212-639-9675). 
    *30922291*                                     30922291                                                    You may also consult the Finance website at nyc.gov/finance

Instructions for Form NYC-222 - 2022                                                                    Page 3

PURPOSE OF FORM                          NOTE                                     NOTE 
Form NYC-222 will enable corpora-        If any date falls on a Saturday,  Large corporations (corporations that 
tions to determine if they paid the cor- Sunday or legal holiday, substitute  had allocated taxable income or 
rect amount of estimated tax by the  the next regular workday.                    entire net income of $1 million or 
proper due date.  If the minimum                                                  more in any of the three years pre-
amount was not paid timely, an under-    NOTE                                     ceding the current year) may not use 
payment penalty may be imposed for  An S corporation is not excused  exceptions 1 or 2.  Such corporations 
the period underpaid.  This form helps  from filing a declaration and paying  may only use the exception for annu-
you to determine whether or not you  estimated taxes for the current year  alized income, or the exception for 
are subject to this penalty.             merely because its tax liability for  recurring seasonal income (excep-
                                         the preceding year was $1,000 or  tions 3 or 4, respectively). 
ESTIMATED TAX                            less or it did not file a return for the  
Every S corporation subject to the  preceding year.  However, if the pre-         Exception 1 
                                                                                   
New York City General Corporation  ceding year’s tax was less than 
                                                                                  Prior Year’s Tax 
Tax must pay with its return (Form  $1,000, the taxpayer was not                   
NYC-3L, NYC-3A, Form NYC-4S  required to make the 25% prepay-                     This exception applies if a corpora-
or NYC-4S-EZ), or with its  ment based on the preceding year’s                    tion paid estimated taxes equal to the 
Application for Automatic Extension  tax at the time it filed its return (or      tax  reported on its prior year’s 
(Form NYC-EXT), an amount equal  its application for extension of time            return. To qualify for this exception, 
to 25% of its preceding year's tax if  for the filing of the return) for that     the corporation must have filed an 
the preceding year’s tax computed  year.                                          income tax return showing a tax lia-
after all allowable credits is more                                               bility for the prior taxable year, and 
than $1,000.                             Similarly, a C corporation must file a   that taxable year consisted of 12 
                                         Declaration of Estimated Tax (Form       months. 
Every C corporation subject to the  NYC-400) if the estimated tax for              
Business Corporation Tax must file  the current taxable year exceeds              Exception 2 
                                                                                   
Form NYC-300 and pay the  $1,000 even if the second preceding                     Tax Based On Prior Year’s 
Mandatory First Installment (“MFI”)  year’s tax is $1,000 of less.                Facts and Law Using Current 
if its tax for the second preceding                                               Year’s Rates  
year computed after all allowable        EXCEPTIONS THAT AVOID                    This exception applies if a corpora-
credits is more than $1,000.   The       THE UNDERPAYMENT                         tion paid an amount of estimated tax 
MFI is equal to 25 percent of the tax    PENALTY                                  equal to a tax computed by applying 
for the second preceding tax year.       You will not have to pay a penalty if    the current year’s rates to the facts 
                                         you made all tax payments on time        shown on the return for, and under 
In addition, both S and C corpora-       and they equal or exceed the amount      the law applicable to, the prior tax-
tions must file a Declaration of  that would have been required to be             able year.  The term “current 
Estimated Tax (Form NYC-400) if  paid by each installment date if the             year’s rate” is any of the four 
the estimated tax for the current tax-   estimated tax were an amount deter-      methods of calculating the General 
able year after all allowable credits  mined under any of the exceptions          Corporation Tax, including the 
can reasonably be expected to   listed below.                                     minimum tax or any method of 
exceed $1,000.  The due date for the                                              calculating   the     Business
declaration and the dates for paying  A different exception may be applied        Corporation Tax. 
the installments of estimated tax  to each underpayment.  If no excep-             
depend upon when the requirements  tion applies, complete lines 14                Exception 3 
for making a declaration are first  through 36 to determine the amount             
met. (Refer to Form NYC-400 for          of the penalty.                          Tax On Annualized Income 
details.)                                                                         This exception applies if a corpora-

Instructions for Form NYC-222 - 2022                                                                    Page 4

tion made an estimated tax payment       AUTOMATIC EXTENSION                    PAGE 2 
of at least 90% of the amount it         FILERS                                 COMPUTATION OF 
would owe if its estimated tax were a  Corporations who filed an Application    PENALTY 
tax computed on annualized taxable  for Automatic Extension (Form NYC-          If no exception applies, complete 
income for the months preceding an  EXT) for the previous year or who  lines 14 through 36 to determine the 
installment date.                        were required to make less than four  amount of the penalty for each 
                                         payments on account of estimated tax  installment.  If you made more than 
A corporation may annualize its  for the current year may find that the  one payment for a given installment, 
income:                                  stated percentages on the Exception  attach a separate computation for 
  
                                         Worksheet on page 1 do not accurate-   each payment.  The penalty is com-
 a) for the first 3 months, or for the 
                                         ly reflect the computation of the  puted for the period of underpay-
    first 5 months if the installment 
                                         exceptions.  Such taxpayers should  ment, line 15, at a rate set periodical-
    was required to be paid in the 
                                         compute these exceptions on a sepa-    ly by the New York City Department 
    6th month; 
                                         rate rider and attach it to this form. of Finance. 
 b) for the first 6 months, or for the                                           
    first 8 months if the installment    LINE 8                                 For information regarding interest 
    was required to be paid in the       AMOUNT OF                              rates, call 311.  If calling from out-
    9th month; and                       INSTALLMENTS DUE                       side of the five NYC boroughs, 
  
                                         Divide the amount on line 7 by the  please call 212-NEW-YORK (212-
 c) for the first 9 months, or for the 
                                         number of remaining installments  639-9675), or consult the Finance 
    first 11 months if the install-
                                         required for the year.  Enter the result  website at: 
    ment was required to be paid 
                                         in the appropriate columns, 2                 nyc.gov/finance  
    in the 12th month.  
                                         through 4.                              
 
                                                                                LINE 35 
To annualize, multiply taxable 
income for the period by 12 and          LINE 9                                 PENALTY FOR 
divide the resulting amount by the       C corporations should enter any        UNDERPAYMENT OF 
number of months in the period (3, 5,    amounts paid with Form NYC-300         ESTIMATED TAX 
6, 8, 9 or 11 as the case may be).   (Mandatory First Installment by  In columns 1 through 4 of line 35, 
(Refer to Section 11-676.4(c).           Business C Corporations).  S corpo-    for those installment payments (line 
                                         rations enter any amount paid with  11) that equal 80% or more of line 3 
Exception 4                              Forms NYC-3L, NYC-3A or NYC-           divided by 4, multiply the penalty 
 
                                         EXT.                                   shown on line 34 in each applicable 
Additional Exception for 
                                                                                column by 75%.  Enter this result in 
Recurring Seasonal Income 
                                         LINE 10                                the applicable column on line 35.  
This exception applies to a corpora-     OVERPAYMENT OF                         Combine these revised amounts with 
tion with recurring seasonal income.     PREVIOUS                               the remaining amounts on line 34 for 
Under this exception, income may         INSTALLMENT                            any quarter for which no amount 
be annualized by assuming that           An overpayment on line 12 in excess  appears on line 35 and enter the total 
income earned in the current year is     of prior underpayments is to be  on line 36.
earned in the same seasonal pattern      applied as a credit against the next 
as in the 3 preceding tax years.  (For   installment.  A payment of estimated 
information about computing this         tax on any installment date is consid-
exception, refer to Section 11-          ered a payment of any previous 
676.4(d) of the NYC Administrative       underpayment only to the extent of 
Code.  Attach your computation to        the excess of the payment over the 
this form.)                              amount of the installment as comput-
                                         ed on line 12.