58.1-453 - Extension of time for filing returns by corporations.
§ 58.1-453. Extension of time for filing returns by corporations.
A. In accordance with procedures established by the Tax Commissioner, anycorporation may elect an extension of time within which to file the incometax return required under this chapter to the date six months after such duedate or 30 days after the extended date for filing the federal income taxreturn, whichever is later, provided that the estimated tax due is paid inaccordance with the provisions of subsection B.
B. Any taxpayer desiring an extension of time in accordance with theprovisions of subsection A shall, on or before the original due date for thefiling of such return, in accordance with the procedures established by theTax Commissioner pay the full amount properly estimated as the balance of thetax due for the taxable year after giving effect to any estimated taxpayments under § 58.1-491 and any tax credit under § 58.1-499. If any amountof the balance of the tax due is underestimated, interest at the rateprescribed in § 58.1-15 will be assessed on such amount from the original duedate for filing of the income tax return to the date of payment. In additionto interest, if the underestimation of the balance of tax due exceeds 10percent of the actual tax liability, there shall be added to the tax as apenalty an amount equal to two percent per month for each month or fractionthereof from the original due date for the filing of the income tax return tothe date of payment.
C. If the return is not filed, or the full amount of the tax due is not paid,on or before the extended due date elected under subsection A, the penaltyimposed by § 58.1-450 or 58.1-455 shall apply as if no extension had beengranted.
(Code 1950, § 58-151.090; 1971, Ex. Sess., c. 171; 1976, c. 720; 1984, c.675; 1991, cc. 362, 456; 2005, c. 100.)