 |
ARIZONA STATE SENATE
Fifty-Fourth Legislature, First Regular Session
AMENDED
filing deadlines; taxable year 2018
Purpose
An emergency measure that extends the filing and payment deadlines for taxable year (TY) 2018 by two months.
Background
Current statute requires calendar year (CY) tax returns to be filed by April 15 following the close of the CY. Fiscal year tax returns must be filed by the 15th day of the fourth month following the close of the fiscal year. Partnership returns must be filed by the 15th day of the third month following the close of the TY (A.R.S. § 43-325).
CY taxes must be paid by April 15 following the close of the CY. Fiscal year taxes must be paid by the 15th day of the fourth month following the close of the fiscal year. However, taxes of S corporations must be paid by the 15th day of the third month following the close of the TY, and taxes on the unrelated business taxable income (UBTI) of a tax-exempt organization must be paid by the 15th day of the fifth month following the close of the TY (A.R.S. § 43-501).
Extending the filing and payment deadlines for TY 2018 by two months may delay some final income tax payments and tax refunds until FY 2020.
Provisions
1. Requires CY 2018 tax returns to be filed and paid by June 15, 2019, instead of April 15, 2019.
2. Requires FY 2018 tax returns to be filed and paid by the 15th day of the sixth month following the close of the fiscal year, instead of the 15th day of the fourth month following the close of the fiscal year.
3. Requires 2018 partnership returns to be filed by the 15th day of the fifth month following the close of the TY, instead of the 15th day of the third month following the close of the TY.
4. Requires 2018 taxes of S corporations to be filed and paid by the 15th day of the fifth month following the close of the TY, instead of the 15th day of the third month following the close of the TY.
5. Requires 2018 taxes on the UBTI of tax-exempt organizations to be filed and paid by the 15th day of the seventh month following the close of the TY, instead of the 15th day of the fifth month following the close of the TY.
6. Allows tax credits for contributions to charitable organizations, school tuition organizations or public schools that are made on or before the 15th day of the sixth month following the close of the TY to be applied to either TY 2018 or TY 2019.
7. Becomes effective on signature of the Governor, if the emergency clause is enacted.
Amendments Adopted by Committee
1. Requires CY 2018 taxes to be paid by June 15, 2019, instead of April 15, 2019.
2. Requires FY 2018 taxes to be paid by the 15th day of the sixth month following the close of the fiscal year, instead of the 15th day of the fourth month following the close of the fiscal year.
3. Requires 2018 taxes of S corporations to be paid by the 15th day of the fifth month following the close of the TY, instead of the 15th day of the third month following the close of the TY.
4. Requires 2018 taxes on the UBTI of tax-exempt organizations to be paid by the 15th day of the seventh month following the close of the TY, instead of the 15th day of the fifth month following the close of the TY.
5. Requires the Arizona Department of Revenue to collect any taxes that are not paid by the above payment dates with interest on the unpaid amount.
Amendments Adopted by Committee of the Whole
1. Extends the filing deadline for S corporation returns to the 15th day of the fifth month following the close of the TY, instead of the 15th day of the third month following the close of the TY.
2. Extends the filing deadline for returns for the UBTI of tax-exempt organizations to the 15th day of the seventh month after the close of the TY, instead of the 15th day of the fifth month following the close of the TY.
3. Stipulates that fiscal year and S corporation tax payments may be made on or before the deadline.
4. Allows tax credits for contributions to charitable organizations, school tuition organizations or public schools that are made on or before the 15th day of the sixth month following the close of the TY to be applied to either TY 2018 or TY 2019.
Senate Action
FIN 2/13/19 DPA 9-1-0
Prepared by Senate Research
March 6, 2019
CS/LC/kja