10-011 Code Vt. R. 10-060-011-X - EXTENSION OF TIME FOR FILING CORPORATE RETURNS

Section 58682 EXTENSION OF TIME FOR FILING CORPORATE RETURN

(a) When Federal Extension Allowed Without Application - Whenever a corporation in good standing with the Vermont Department of Taxes, without application, qualifies for and uses a Federal extension of time for filing its U.S. corporation income tax return in any year, a similar extension of time shall automatically be allowed for filing its Vermont corporate income tax return in that year. A corporation which uses this Vermont extension must attach to its Vermont return a copy of the statement required to be attached to its Federal return showing that it qualified for the Federal extension in that year.

(b) When Federal Extension Granted Upon Application - Whenever a corporation in good standing with the Vermont Department of Taxes, upon application, is granted a Federal extension for filing its U.S. income tax return, such extension shall not affect the date upon which the corporation's Vermont income tax return is required to be filed unless:

(1) a copy of the corporation's Federal Form 7004, "Application for Automatic Extension of Time to File U.S. Corporation Income Tax Return;" or

(2) a copy of any other Federal extension granted by the Internal Revenue Service is filed at the main office of the Vermont Department of Taxes on or before the date the U.S. Income Tax Return is required to be filed for that year (without regard to any extension of time for filing that Return), together with the payment of an estimated amount of tax which shall not be less than would be required as the first installment under Section 5872.

Whenever a Federal Form 7004 or a copy of a Federal extension is so filed and the required tax payment made, the corporation shall be granted an automatic extension for the filing of its Vermont corporate income tax return until such time as the Federal extension expires or is otherwise terminated.

(c) When No Federal Extension Allowed or Granted - The Commissioner may, for good cause shown, grant to a corporation a reasonable extension of time for the filing of its Vermont corporate income tax return, in spite of the fact that no comparable Federal extension has been allowed or granted. Adopted, June 17, 1976

Notes

10-011 Code Vt. R. 10-060-011-X

Effective Date: July 1976