(

a) The elective tax authorized by this part shall be due and payable as follows:

(1) On or before June during the taxable year of the election, an amount equal to, or greater than, either percent of the elective tax paid the prior taxable year or one thousand dollars ($1,000), whichever is greater.

(2) On or before the due date of the original return that the qualified entity is required to file pursuant to

Part 10.2 (commencing with

Section 18401) without regard to any extension of time for filing the return for the taxable year of the election made pursuant to

Section 19910, an amount equal to the amount of the elective tax under subdivision (

a) of

Section 19910, less the payment made on or before June of the taxable year pursuant to paragraph (1). (

b) Notwithstanding subdivision (a), if no payment is made as required by paragraph (1) or (2) of subdivision (a), or if a payment is made that is less than the amount required by paragraph (1) or (2) of subdivision (a), a qualified entity may make the election under

Section for that taxable year. (

c) All payments made pursuant to this

section shall be made in the form and manner as prescribed by the Franchise Tax Board. (

d) This part shall not change any filing requirements under

Part 10 (commencing with

Section 17001),

Part 10.2 (commencing with

Section 18401), or

Part 11 (commencing with

Section 23001). (e)

(1) The Franchise Tax Board may adopt regulations that are necessary or appropriate to implement this part.

(2) The Administrative Procedure Act (Chapter 3.5 (commencing with

Section 11340) of Part of Division of Title of the Government Code) shall not apply to any regulation, rule, guideline, or procedure prescribed by the Franchise Tax Board pursuant to this part.