Section 7307.1 - Manner of making election(a) An election made pursuant to section 307 shall be made in such manner as prescribed by the department.(b) An election under section 307 may be made for any taxable year at any time during the preceding taxable year or at any time on or before the due date or extended due date of the small corporation's tax return under Article IV .1971, March 4, P.L. 6, No. 2, art. III, § 307.1, added 1983, Dec. 23, P.L. 370, No. 90, § 4, effective 1/1/1984. Amended 2006, July 6, P.L. 319, No. 67, § 5, imd. effective.