(1)

1. (a) The commission shall allow a taxpayer an extension of time for filing a return.

2. (b)

   1. (i) For a return filed by a taxpayer except for a partnership, the extension under Subsection (1)(a) may not exceed six months.
   2. (ii) For a return filed by a partnership, the extension under Subsection (1)(a) may not exceed five months.

(2)

1. (a) Except as provided in Subsection (2)(b), the commission may not impose on a taxpayer during the extension period prescribed under Subsection (1) a penalty under Section 59-1-401 if the taxpayer pays, on or before the 15th day of the fourth month following the close of the taxpayer's taxable year, the lesser of:

   1. (i) 90% of the total tax reported on the return for the current taxable year; or
   2. (ii) 100% of the total tax liability for the taxable year immediately preceding the current taxable year.
2. (b) If a taxpayer fails to meet the requirements of Subsection (2)(a), the commission may apply to the total balance due a penalty as provided in Section 59-1-401.