The Texas Comptroller is automatically extending the due date for 2020 franchise tax reports to July 15th for consistency with the IRS.
The announcement states that the due date extension automatically applies to all franchise taxpayers and no additional forms are required to be filed.
If a franchise taxpayer requires an extension beyond July 15th, the options include:
1. Non-electronic Funds Transfer Taxpayers (non-EFT) who cannot file by July 15th may file an extension request on or before July 15th and must pay 90% of the tax due for the current year, or 100% of the tax reported as due for the prior year with the extension request. Non-EFT taxpayers who request an extension have until January 15th to file their report and pay the remainder of the tax due.
2. Mandatory EFT Taxpayers On or before July 15th, taxpayers who are mandatory EFT payers may request an extension of time to file to August 15th and must pay 90% of the tax due for the current year or 100% of the tax reported as due for the prior year with the extension request. On or before August 15th, EFT taxpayers may request a second extension of time to file their report and must pay the remainder of any tax due with their extension request. The August 15th extension request extends the report due date to January 15th. Any payments made after August 15th will be subject to penalty and interest.