Every corporation electing to be taxed under subchapter S of the Internal Revenue Code of 1986, as amended, shall on or before the fifteenth day of the third month following the close of the taxable year file an information return for each tax year providing such information as the Tax Commissioner may prescribe. Corporations failing to file information returns by the due date as prescribed in this section shall be subject to a penalty of $50 for each failure to file, with such penalty being collected as other penalties are collected by the Tax Commissioner: Provided, That for tax years beginning on or after January 1, 1992, the penalty for failure to file an information return shall be determined under section nineteen-a, article ten of this chapter.
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