§11-23-23. Information return and due date thereof; penalty
for failure to file, waiver thereof; short taxable year
provisions.
(a) The state tax commissioner shall require taxpayers
subject to this article to file an information return for the tax
year one thousand nine hundred eighty-four and tax year one
thousand nine hundred eighty-five. These returns shall be due on
the first day of July, one thousand nine hundred eighty-five and
on the first day of July, one thousand nine hundred eighty-six,
respectively, unless an extension is provided by the tax
commissioner. These returns shall be on forms and pursuant to
instructions provided by the tax commissioner. The informational
returns shall require computations as if the tax due hereunder
and applicable on and after the first day of July, one thousand
nine hundred eighty- seven were in force and effect, as to such
taxpayer during the informational tax year: Provided, That any
person failing to comply with the following requirements of this
section in respect of informational returns and on the forms and
pursuant to the instructions prescribed by the tax commissioner,
shall be subject to a penalty, collectible as provided in article
ten of this chapter, the amount of which shall be the greater of
one thousand dollars or ten percent of the pro forma tax
liability, as computed by the tax commissioner in accordance with
this article and the rules and regulations pertaining thereto,
which should have been shown on the informational returns of the
taxpayer. The tax commissioner is hereby authorized to waive all or any part of such penalty for good cause shown.
(b) If the taxpayer's taxable year under this article is not
the calendar year, then such taxpayer's first taxable year under
this article shall be a short taxable year and shall cover the
period beginning the first day of July, one thousand nine hundred
eighty-seven, and ending with the last day of the taxpayer's then
current fiscal year for federal income tax purposes.