1.  For the privilege of engaging in a business in this State, an excise tax is hereby imposed upon the Nevada gross revenue of each business entity whose Nevada gross revenue in a taxable year exceeds $20,000,000, which shall be at the following rates:

(a) For all Nevada gross revenue in a taxable year in excess of $20,000,000 but not more than $150,000,000, a rate of 0.75 percent.

(b) For all Nevada gross revenue in excess of $150,000,000, a rate of 1.10 percent.

2.  Each business entity whose Nevada gross revenue in a taxable year exceeds $20,000,000 shall, on or before April 1 immediately following the end of that taxable year, file with the Department a return on a form prescribed by the Department. The Department shall not require a business entity whose Nevada gross revenue for a taxable year is $20,000,000 or less to file a return for that taxable year. The return required by this subsection must include such information as is required by the Department.

3.  A business entity shall remit with the return the amount of tax due pursuant to subsection 1. Upon written application made before the date on which payment must be made, the Department may for good cause extend by not more than 30 days the time within which a taxpayer is required to pay the tax imposed by this chapter. If the tax is paid during the period of extension, no penalty or late charge may be imposed for failure to pay at the time required, but the taxpayer shall pay interest at the rate of 1 percent per month from the date on which the amount would have been due without the extension until the date of payment, unless otherwise provided in NRS 360.232 or 360.320.