Bill Text: VA HB1264 | 2012 | Regular Session | Introduced
Bill Title: Income tax, state; extension of time to file tax return.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-02-06 - House: Stricken from docket by Finance by voice vote [HB1264 Detail]
Download: Virginia-2012-HB1264-Introduced.html
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12104148D Be it enacted by the General Assembly of Virginia: 1. That §58.1-344 of the Code of Virginia is amended and reenacted as follows: §58.1-344. Extension of time for filing returns. A. In accordance with procedures established by the Tax Commissioner, any individual or fiduciary may elect an extension of time within which to file the income tax return required under this chapter to the date six months after such due date, provided that the estimated tax due is paid in accordance with the provisions of subsection B. B. Any taxpayer desiring an extension of time in accordance with the provisions of subsection A shall, on or before the original due date for the filing of such return, in accordance with procedures established by the Tax Commissioner pay the full amount properly estimated as the balance of the tax due for the taxable year after giving effect to any estimated tax payments under §58.1-491 and any tax credit under §58.1-499. If any amount of the balance of the tax due is underestimated, interest at the rate prescribed in § 58.1-15 will be assessed on such amount from the original due date for filing of the income tax return to the date of payment. In addition to interest, if the underestimation of the balance of tax due exceeds 10 percent of the actual tax liability, there shall be added to the tax as a penalty an amount equal to two percent per month for each month or fraction thereof from the original due date for the filing of the income tax return to the 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 penalty imposed by §58.1-347 shall apply as if no extension had been granted. D. An extension of time for filing returns of income is hereby granted to and including the first day of the seventh month following the close of the taxable year in the case of United States citizens residing or traveling outside the United States and Puerto Rico, including persons in the military or naval service on duty outside the United States and Puerto Rico. In all such cases a statement must be attached to the return certifying that the taxpayer is the person for whom the return is made and that the taxpayer was outside the United States or Puerto Rico on the due date of the return. E. Notwithstanding any other provisions of law, any taxpayer
who qualifies for an automatic extension under subsection D F. 1. Notwithstanding any other provision of this section, the date for filing income tax returns and paying the tax due for the taxable year beginning on or after January 1, 1990, and before January 1, 1991, for members of the reserve components of the armed forces, as defined in 10 U.S.C. §261, as amended, who on the original due date of such return were on active duty status, is hereby extended for a period of one year from the original due date of the return. 2. However, in the case of an individual who qualifies for a period of postponement under §7508 of the Internal Revenue Code or an act of Congress relating to and defining "Desert Shield service" for purposes of the federal income tax, the deadline for filing income tax returns and paying the tax due shall be the date 15 days after the date on which the federal period of postponement terminates, if such date is greater than one year from the original due date of the return. 3. In all cases, an individual qualifying for an extension under either subdivision 1 or 2 of this subsection shall attach a statement to the return containing such information as may be prescribed by the Tax Commissioner. G. 1. Notwithstanding any other provision of this section, the date for filing income tax returns and paying the tax due for the taxable years beginning on or after January 1, 1995, and before January 1, 1997, for members of the Armed Forces of the United States, who on the original due date of such return were on active duty status serving in any part of the former Yugoslavia, including the air space above such location or any waters subject to related naval operations in support of Operation JOINT ENDEAVOR as part of the NATO Peace Keeping Force, is hereby extended for a period of one year from the original due date of the return. 2. However, in the case of an individual who qualifies for a period of postponement under §7508 of the Internal Revenue Code for purposes of the federal income tax, the deadline for filing income tax returns and paying the tax due shall be the date 15 days after the date on which the federal period of postponement terminates, if such date is greater than one year from the original due date of the return. 3. In all cases, an individual qualifying for an extension
under either subdivision 1 or 2 H. Any individual who receives an extension for filing an
individual income tax return for taxable year 1990 pursuant to subsection F or
for taxable year 1995 pursuant to subsection G I. If (i) an individual or a fiduciary is allowed or elects an extension of time pursuant to subsection A, D, or E of this section or subsection A of § 58.1-341, and (ii) the return is filed using electronic means by (a) an income tax return preparer as defined by subsection D of §58.1-9, (b) a volunteer who prepares tax returns for the elderly or poor as part of a nonprofit organization's program, or (c) an employee or representative of a governmental entity at no charge to the taxpayer under a government sponsored program, then no penalty under §58.1-347 shall be imposed if the full amount of tax due is paid by the last day of the extension period, regardless of whether the corresponding income tax return was filed prior to the full amount of the tax being paid. For purposes of this subsection, the last day of the extension period shall be the last day by which the taxpayer would have been required to file the income tax return under the extension of time allowed or elected. |
