(A) South Carolina estimated tax payments must be made in a form prescribed by the department in accordance with Internal Revenue Code Sections 6654 and 6655 except that:

1. (1) the small amount provisions in Internal Revenue Code Sections 6654(e)(1) and 6655(f) are one hundred dollars rather than five hundred dollars;
2. (2) income for the first installment for corporations is annualized using the first two months of the taxable year;

3. (3)

   1. (a) The due dates of the installment payments for calendar year taxpayers other than corporations are:

      First quarter: April 15

      Second quarter: June 15

      Third quarter: September 15

      Fourth quarter: January 15 of

      the following

      taxable year.

   2. (b) The due dates of the installment payments for calendar year corporations are:

      First quarter: March 15

      Second quarter: June 15

      Third quarter: September 15

      Fourth quarter: December 15.

   3. (c) In applying the estimated tax payment provisions to a taxable year beginning on a date other than January 1, the month that corresponds to the months specified above must be substituted.

(C) To the extent that estimated tax payments and withholdings are in excess of the taxpayer's income tax liability as shown on the income tax return, the taxpayer may claim a:

1. (1) refund;
2. (2) credit for estimated income tax for the succeeding taxable year; or
3. (3) credit against the corporate license fee for the current taxable year in the case of corporations.