(a) In the case of a qualified taxpayer, no penalty shall be assessed under Section 19132 if the return is filed timely (not later than the extended due date granted under Section 18567 or 18604) and the tax required to be paid on or before the due date of the return, without regard to extension, is paid within the following time:
(1) In the case of an individual, partnership, or fiduciary, within six months of the original due date of the return.
(2) In the case of a corporation, within seven months of the original due date of the return.
(b) Any penalty imposed under Section 19132 shall be assessed from the original due date of the return if the taxpayer fails to pay the tax within the time specified in this section.
(c) This section shall apply to payment of the amount shown as tax on the original returns required to be filed during calendar year 1994.
(d) For purposes of this section, “qualified taxpayer” means any corporation, fiduciary, partnership, or individual taxpayer to whom one of the following applies as a result of the Northridge earthquake of January 1994, any related aftershock, or any related casualty:
(1) The qualified taxpayer sustained any significant property loss.
(2) The qualified taxpayer suffered a loss of employment due to property damage suffered by his or her employer.
(3) The qualified taxpayer realized significant loss of business income from a business located within the Northridge earthquake area.
(Amended by Stats. 1997, Ch. 605, Sec. 24. Effective January 1, 1998.)