Vermont Statutes Title 32 Sec. 5862
Terms Used In Vermont Statutes Title 32 Sec. 5862
- Affiliated group: means a group of two or more corporations in which more than 50 percent of the voting stock of each member corporation is directly or indirectly owned by a common owner or owners, either corporate or noncorporate, or by one or more of the member corporations, but shall exclude foreign corporations and corporations taxable under 8 V. See
- Commissioner: means the Commissioner of Taxes appointed under section 3101 of this title or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means any business entity subject to income taxation as a corporation, and any entity qualified as a small business corporation, under the laws of the United States, with the exception of the following entities that are exempt from taxation under this chapter:
- Court: means a Superior Court or the Judicial Bureau. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Taxable corporation: means , for any taxable year, a corporation that, at any time during that taxable year:
- Taxable year: means the calendar year, or the fiscal year ending during the calendar year, with respect to which a tax is imposed under this chapter and, in the case of a return filed with respect to a fractional part of a year, the period with respect to which the return is filed. See
- Taxpayer: means a person obligated to file a return with or pay or remit any amount to this State under this chapter. See
- Unitary business: means one or more related business organizations engaged in business activity both within and outside the State among which there exists a unity of ownership, operation, and use or an interdependence in their functions. See
§ 5862. Returns by corporations
(a) Every corporation that is a taxable corporation, for any taxable year, shall file a Vermont corporate income tax return for that taxable year on or before the date a U.S. income tax return is required to be filed for that year by that corporation under the laws of the United States.
(b) If such corporation fails to file such return on or before such date, the corporation shall pay a penalty of $50.00 in addition to any other penalties, interest, or fees provided by this chapter. If a petition is filed under section 5864 of this title in order to force the filing of such return, then a further penalty of $200.00 shall be paid in addition to any other penalties, interest, or fees provided by this chapter and in addition to the $50.00 penalty provided herein. However, if a judge of the Superior Court finds that there was no cause for the Commissioner to file the petition, he or she shall order that the $200.00 penalty not be imposed. Such penalties shall be paid at the time the return is filed, without assessment or demand.
(c) Taxable corporations that received any income allocated or apportioned to this State under the provisions of section 5833 of this title for the taxable year and that under the laws of the United States constitute an affiliated group of corporations may elect to file a consolidated return in lieu of separate returns if such corporations qualify and elect to file a consolidated federal income tax return for that taxable year. Such an election to file a Vermont consolidated return shall continue for five years, including the year the election is made.
(d) A taxable corporation that is part of an affiliated group engaged in a unitary business shall be treated as a single taxpayer and shall file a group return containing the combined net income of the affiliated group and such other informational returns as the Commissioner shall require by rule. A unitary combined return shall include the income and apportionment factors of any taxable corporation incorporated in the United States or formed under the laws of any state, the District of Columbia, or any territory or possession of the United States and in a unitary relationship with the taxpayer. The income, gain, or losses from members of a combined group shall be combined to the extent allowed under the Internal Revenue Code for consolidated filing as if the combined group was a consolidated filing group, provided that a state tax credit shall not be combined and shall be limited to the member to which the credit is attributed. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1971, No. 73, § 18, eff. April 16, 1971; 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 1987, No. 82, § 8, eff. June 9, 1987; 1991, No. 67, § 4, eff. June 19, 1991; 2003, No. 152 (Adj. Sess.), § 7, eff. June 7, 2004; 2013, No. 174 (Adj. Sess.), § 2, eff. Jan. 1, 2014; 2021, No. 148 (Adj. Sess.), § 4, eff. January 1, 2023.)