Returns

1. Annual return. A mining company shall file, on or before the date the mining company's state income tax return is due to be filed, an annual return on a form specified by the assessor for each tax year. 2. Form and contents. The return must indicate: 3. Payments. A mining company shall pay the tax due, less estimated tax payments, at the time its annual return is due without extensions. 4. Extensions. The assessor may grant a reasonable extension of time for filing a return, declaration, statement or other document or payment of tax or estimated tax required by this chapter on such terms and conditions as the assessor may require. An extension for filing a return, declaration, statement or other document under this chapter may not exceed 8 months, except that, when a mining company is granted an extension of time within which to file a federal income tax return for the tax year, an extension to file the mining company's return with respect to the tax imposed by this chapter is automatically granted for an equivalent period from the date prescribed for filing the return under this chapter plus 30 days. If an extension of time is granted for payment of an amount of tax under this chapter, the assessor may require the taxpayer to furnish a bond or other security in an amount not exceeding twice the amount for which the extension of time for payment is granted, on terms and conditions as the assessor may require. 5. Computation. In computing a mining company's tax, gross proceeds must be computed as if each mining property were a separate taxpayer. To the extent the mining property is located both in this State and in one or more other states or Canadian provinces, the gross proceeds must be allocated or apportioned in a reasonable manner between the proceeds derived from minerals mined in this State and the proceeds derived from minerals mined in the other jurisdictions. The assessor may distribute, apportion or allocate on a reasonable basis gross proceeds, deductions, credits or allowances between or among mining companies or mining properties, if such distribution, apportionment or allocation is necessary to prevent evasion of taxes imposed by this chapter, or to reasonably reflect the gross proceeds of any mining company from mining activity in the State. For purposes of this subsection, "mining property" has the same meaning as "property" as defined in Section 614 of the Code. 6. Requirement to file amended Maine returns. The requirement to file an amended Maine return is governed by this subsection.