59-5-107 - Date tax due -- Extensions -- Installment payments -- Penalty on delinquencies -- Audit. - Utah Statutes

59-5-107. Date tax due -- Extensions -- Installment payments -- Penalty ondelinquencies -- Audit.
(1) Except as provided in Subsections (2) and (3), the tax imposed by this part is due andpayable on or before June 1 of the year next succeeding the calendar year when the oil or gas is:
(a) (i) produced;
(ii) saved; and
(iii) sold; or
(b) transported from the field where produced.
(2) (a) Notwithstanding Subsection (1), the commission may, for good cause shown upona written application by the taxpayer, extend the time of payment of the whole or any part of thetax for a period not to exceed six months.
(b) If the commission allows an extension under Subsection (2)(a), interest at the rate andin the manner prescribed in Section 59-1-402 shall be charged and added to the amount of the taxallowed the extension.
(3) (a) A taxpayer subject to this part whose total tax obligation for the current calendaryear will be $3,000 or more shall pay the taxes assessed under this part in quarterly installmentsas provided in Subsections (3)(b) and (4).
(b) For purposes of Subsection (3)(a), each quarterly installment shall be based on theestimated gross value received by the taxpayer during the quarter preceding the date on which theinstallment is due.
(4) For purposes of Subsection (3), the quarterly installments are due as follows:
(a) for the quarter beginning on January 1 and ending on March 31, on or before June 1;
(b) for the quarter beginning on April 1 and ending on June 30, on or before September1;
(c) for the quarter beginning on July 1 and ending on September 30, on or beforeDecember 1; and
(d) for the quarter beginning on October 1 and ending on December 31, on or beforeMarch 1 of the next year.
(5) (a) Subject to Subsection (5)(b) and except as provided in Subsection (6), if the taximposed by Section 59-5-102 is not paid when due or is underpaid, the taxpayer is subject to thepenalty provided under Section 59-1-401.
(b) For purposes of Subsection (5)(a), an underpayment exists if less than 80% of the taxdue for a quarter is paid.
(6) Notwithstanding Subsection (5)(a), the penalty for failure to pay a tax due or forunderpayment of a tax may not be assessed if the taxpayer's total quarterly tax installmentpayments equal 25% or more of the tax reported and paid by the taxpayer for the precedingcalendar year.
(7) The commission may not add interest to any quarterly installment subject to a penaltyunder this section.
(8) The commission may conduct audits to determine whether any tax is owed under thispart.

Amended by Chapter 274, 2003 General Session