Tax Law, § 1461(f)

The term preceding year's tax as used in this Subpart means the tax imposed by article 32 of the Tax Law for the preceding taxable year. It also means, for purposes of computing the first installment of estimated tax when an application has been filed for extension of the time for filing the return required to be filed for the preceding taxable year, the amount properly estimated (see section 22-1.3 of this Part — Properly estimated tax) as the tax imposed upon the taxpayer for such preceding taxable year.