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. (

Last amended: 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.)

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