(a) In the event a covered individual timely filed with the Internal Revenue Service an application for automatic extension of time in which to file his or her individual income tax return for the immediately preceding calendar or fiscal year, such individual shall file with the commission, with respect to any item of the annual statement, a written statement that such information is lacking from such annual statement but will be supplied in a supplementary financial disclosure statement on or before the seventh day after the expiration of the period of such automatic extension of time to file such income tax return.

(b) The written statement filed with the commission concerning an automatic extension of time to file must contain the following information:

(c) An individual who is entitled to an automatic extension to file his or her income tax return with the Internal Revenue Service must file his or her annual financial disclosure statement on or before May 15th containing all the information required by the annual statement except for the information that is lacking due to such automatic extension to file the income tax return.

(d) Failure to file such supplementary statement or filing an incomplete or deficient supplementary filing shall be subject to the notice and penalty provisions of the Public Officers Law and the Executive Law as if such supplementary statement were an annual financial disclosure statement.