| (a) Except for a corporation which has been notified by the comptroller that it is required to make its franchise tax payments by electronic funds transfer (see §3.575 of this title (relating to Annual Extensions/Electronic Funds Transfer), a corporation will be granted an extension to file an annual report on or before the next November 15, if the corporation: (1) requests the extension on or before May 15; (2) requests the extension on a form provided by the comptroller; and (3) remits with the extension request: (A) 90% or more of the amount of tax reported as due on the report filed on or before November 15; or (B) 100% of the tax reported as due for the previous calendar year on the report due in the previous calendar year and filed on or before May 14 of the year for which the extension is requested. (b) If the last report due for which a
corporation paid a tax in the previous calendar year was an initial report, the payment provided in subsection (a)(3)(B) of this section must equal the greater of: (1) an amount produced by multiplying the net taxable capital, as reported on the initial report filed on or before May 14 of the year for which the extension is requested, by 0.25% for the 1993 and later reports; or (2) an amount produced by multiplying the net taxable earned surplus, as reported on the initial report filed on or before May 14 of the year for which the extension is requested, by 4.5% for the 1993 and later reports. (c) An extension shall not be granted under subsection (a)(3)(B) of this section if the report due in the previous calendar year is not filed on or before May 14 of the year for which the extension is requested. (d) Penalty and interest will be calculated as though the following were due dates.
(1) If a corporation is granted an extension and pays, on or before May 15, at least 100% of the tax reported as due for the previous calendar year on the report due in the previous calendar year and filed on or before May 14 of the year for which the extension is requested, then November 15 will be the due date for any additional tax due. (2) If a corporation is granted an extension and pays on or before May 15, 90% or more of the tax which will be reported as due on or before November 15, then November 15 will be the due date for any additional tax due. (3) If a corporation, on or before May 15, requests an extension but does not qualify for an extension under paragraphs (1) or (2) of this subsection, then May 15 is the due date for 90% of the tax finally determined to be due and November 15 is the due date for 10% of the tax finally determined to be due. (e) No extensions will be granted for annual franchise
tax reports pursuant to the Tax Code, §111.057.
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| Source Note: The provisions of this §3.545 adopted to be effective March 16, 1992, 17 TexReg 1652; amended to be effective July 5, 1996, 21 TexReg 5870; amended to be effective March 29, 1998, 23 TexReg 3013.
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