§ 294 — Returns and payment of tax

§ 294. Returns and payment of tax. (a) Every taxpayer and every other\norganization or trust, other than an employee's trust described in\nsection four hundred one (a) of the internal revenue code of nineteen\nhundred fifty-four, which is subject to the federal tax on unrelated\nbusiness income having an officer, agent, trustee or representative\nwithin the state shall, on or before the fifteenth day of the fifth\nmonth following the close of each of its taxable years, make and file a\nreturn with the tax commission setting forth such information as the tax\ncommission may prescribe. Every employee's trust described in section\nfour hundred one (a) of such code shall make and file a return with the\ntax commission on or before the fifteenth day of the fourth month\nfollowing the close of the trust's taxable year. Every taxpayer which\nceases to be subject to the tax imposed by this article shall make and\nfile a return with the tax commission on the date of such cessation, or\nat such other time which the tax commission may require, covering each\ntaxable year or period for which no return was theretofore filed,\nsetting forth such information as the tax commission may require. Every\ntaxpayer shall also file such other returns and furnish such other facts\nand information as the tax commission may require in the administration\nof this article.\n (b) (1) An automatic extension of six months for the filing of its\nannual return shall be allowed any taxpayer, if, within the time\nprescribed by the preceding paragraph, such taxpayer files with the tax\ncommission an application for extension, in such form as said tax\ncommission may prescribe by regulation, and pays, on or before the date\nof such filing, the amount properly estimated as its tax, as provided in\nparagraph two of this subdivision.\n (2) If a taxpayer, within the time prescribed by subdivision (a) of\nthis section, shall have applied for an automatic extension of time to\nfile its annual return and shall have paid to the commissioner of\ntaxation and finance on or before the date such application is filed an\namount properly estimated as hereinafter provided in this subdivision,\nthe only amount payable in addition to the tax shall be interest, at the\nunderpayment rate set by the commissioner pursuant to section one\nthousand ninety-six of this chapter, or if no rate is set, at the rate\nof six per cent per year, upon the amount by which the tax, or the\nportion thereof payable on or before the date the return was required to\nbe filed (determined without regard to any extension of time for filing\nsuch return), exceeds the amount so paid. For purposes of this\nsubdivision an amount so paid shall be deemed properly estimated if it\nis either not less than ninety per cent of the tax as finally\ndetermined, or not less than the tax shown on the taxpayer's return for\nthe preceding taxable year, if such preceding year was a taxable year of\ntwelve months.\n (c) The tax imposed by section two hundred ninety shall be payable to\nthe tax commission in full at the time the return is required to be\nfiled. Such tax imposed on any taxpayer which ceases to be subject to\nthe tax imposed by this article shall be payable to the tax commission\nat the time the return is required to be filed and all other taxes of\nany such taxpayer, which pursuant to the provisions of this section\nwould otherwise be payable subsequent to the time such return is\nrequired to be filed, shall nevertheless be payable at such time.\n (d) The tax commission may grant a reasonable extension of time for\nfiling a return or for payment of a tax imposed by this article under\nsuch conditions as it deems just and proper.\n