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Additional time to file franchise tax reports

The Comptroller's office is giving businesses and tax practitioners an additional 30 days to submit their franchise tax reports.

They also have the additional time to make payments, file an extension and preserve the right to take the temporary credit without penalty.

The due dates are still May 15 for annual reports, and May 1 for initial reports.

However, the five percent penalty for reports filed and payments made no more than 30 days late will be automatically waived, and extensions and preservations made within the 30-day period (i.e., on or before June 16, 2008 for annual reports and June 2, 2008 for initial reports) will be considered timely.

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