Form 50-851 Report on Value Lost Because of Deferred Tax Collections Under Tax Code Sections 33.06 and 33.065 - Texas

What Is Form 50-851?

This is a legal form that was released by the Texas Comptroller of Public Accounts - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 50-851?
A: Form 50-851 is a report used in Texas to calculate the value lost due to deferred tax collections.

Q: What are tax code sections 33.06 and 33.065?
A: Tax code sections 33.06 and 33.065 refer to provisions in the Texas tax code that allow for the deferral of tax collections.

Q: Who needs to file Form 50-851?
A: Taxpayers in Texas who have deferred tax collections under tax code sections 33.06 and 33.065 need to file Form 50-851.

Q: What information is required on Form 50-851?
A: Form 50-851 requires the taxpayer to provide information about the amount of tax deferred and the value lost due to the deferral.

Q: When is Form 50-851 due?
A: Form 50-851 is typically due on or before May 1st of each year.

Q: Are there any penalties for not filing Form 50-851?
A: Yes, failing to file Form 50-851 or filing it late may result in penalties imposed by the Texas Comptroller.

Q: Is Form 50-851 only applicable to businesses?
A: No, Form 50-851 is applicable to both businesses and individuals who have deferred tax collections in Texas.

Q: Are there any fees associated with filing Form 50-851?
A: There are no fees for filing Form 50-851 with the Texas Comptroller's office.