(1) DEFINITIONS. In this section:
(a) “Return” means a return that would show the tax properly due.
(b) “Tax shown on the return” and “tax for the taxable year” mean the net taxes imposed under s. 71.23 (1) or (2) after reduction for credits against those taxes but before reduction for amounts paid as estimated tax under this section plus the surcharge imposed under s. 77.93 before reduction for amounts paid as estimated tax under this section for that surcharge.
(c) “Virtually exempt entity” means any entity, other than a 11271.29 INCOME AND FRANCHISE TAXES corporation, that is subject to a tax under this chapter on unrelated business taxable income as defined under section 512 of the internal revenue code.
(2) WHO SHALL PAY. Every corporation subject to tax under s. 71.23 (1) or (2) and every virtually exempt entity subject to tax under s. 71.125 or 71.23 (1) or (2) shall pay an estimated tax.
(3) REFUND CARRY-FORWARD. If a corporation or virtually exempt entity claims a refund on any tax return and, concurrent with or subsequent to filing the return upon which that refund is claimed, is required to pay an estimated tax, and at the time of paying that tax the refund has not been paid, the corporation or virtually exempt entity may deduct the amount of that refund from the first installment of estimated taxes and may deduct any excess from the succeeding installments.
(3m) REFUNDS. The department of revenue may refund estimated taxes after the completion of the taxable year to which the estimated taxes relate if the refund is at least 10 percent of the taxes estimated for that taxable year and is at least $500. A refund under this subsection may be subject to s. 71.84 (2) (c).
(4) PREPAYMENTS. Any installment of the estimated tax under this section may be paid before the due date.
(5) SHORT YEAR. Application of this section to taxable years of less than 12 full months shall be made under the department of revenue’s rules.