| (a) Effective date. This section applies beginning with the 1995 annual report. (b) Extension to August 15. A corporation which has been notified by the comptroller that it is required to make its franchise tax payments by electronic funds transfer (see §3.9 of this title (relating to Electronic Filing of Returns and Reports; Electronic Transfer of Certain Payments by Certain Taxpayers) will be granted an extension to file an annual report on or before the next August 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. (c) Last report--initial report. 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 (b)(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 1995 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 1995 and later reports. (d) No report for previous year. An extension shall not be granted under subsection (b)(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. (e) Extension to November 15. A corporation granted an extension under subsection (b) of this section 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 August 15; (2) requests the extension on a form provided by the comptroller; and (3) remits with the request the difference between the amount paid previously for the current reporting period and 100% of the amount of tax reported as due on the report filed on or before November 15. (f) Penalty and interest. Penalty and interest will be calculated as though the following were due dates. (1) If a corporation is granted an extension until August 15 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 August 15 will be the due date for any additional tax due. However, if the corporation requests, on or before August 15, an extension until November 15, and remits, on or before August 15, 99% of the amount reported as due on or before November 15, then November 15 will be the due date for any additional tax due. (2) If a corporation is granted an extension until August 15 and pays, on or before May 15, 90% or more of the tax which will be reported as due on or before August 15, then August 15 will be the due date for any additional tax due. However, if the corporation requests, on or before August 15, an extension until November 15, and remits, on or before August 15, 99% of the amount 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 until August 15, but does not qualify for an extension under paragraph (1) or (2) of this subsection, then May 15 is the due date for 90% of the tax finally determined to be due. August 15 is the due date for the remaining 10% of the tax finally determined to be due. However, if the corporation requests, on or before August 15, an extension until November 15, and remits on or before August 15 at least 99% of the amount reported as due on or before November 15, then May 15 is the due date for 90% of the amount reported as due on or before November 15, August 15 is the due date for 9.0% of the amount reported as due on or before November 15, and November 15 is the due date for any additional tax due. (g) No additional extensions. No extensions will be granted for annual franchise tax reports pursuant to the Tax Code, §111.057.
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