Income tax; filing or payment; extension of time; bond; when

(1)(a) The Tax Commissioner may grant a reasonable extension of time for filing any return, statement, or other document, or for payment of income tax or estimated tax or any installment thereof, on such terms and conditions as he or she may require. Except in the case of a taxpayer who is abroad, no such extension or extensions shall exceed a total of seven months.

(b) An extension of time granted for filing of a return, other than to a corporate taxpayer, shall for the purpose of this subsection extend the time for payment of any tax which may be due. An extension of time for filing any return granted by the Internal Revenue Service shall operate as an extension under this section.

(2) An extension for the filing of the return of corporate income taxes imposed by section 77-2734.02 shall be allowed any corporation or other entity taxed as a corporation if, in such manner and at such time as the Tax Commissioner may by regulation prescribe, there is filed on behalf of such corporation the form prescribed by the Tax Commissioner and if such corporation pays, on or before the date prescribed for payment of the tax determined without regard to any extension of time for filing such return, the amount properly estimated as its tax; but this extension may be terminated at any time by the Tax Commissioner by mailing to the taxpayer notice of such termination at least ten days prior to the date for termination fixed in such notice. No extension of time for filing any corporate return shall be considered an extension of time for payment of corporate income tax unless such request is specifically filed with and granted by the Tax Commissioner. The Tax Commissioner may grant reasonable additional extensions of time to file any corporate income tax return on such terms and conditions as he or she may require.

(3) If any extension of time is granted for payment of any amount of tax, the Tax Commissioner may require the taxpayer to furnish a bond or other security in an amount not exceeding twice the amount of the tax for which the extension of time for payment is granted, on such terms and conditions as the Tax Commissioner may require.