(a) All taxes imposed and all monies withheld or required to be withheld by employers under the provisions of this chapter and remaining unpaid after they become due shall bear interest at the same rate which Ohio R.C. 718.12 requires be paid by municipalities on their income tax refunds, i.e., the Federal short-term rate as defined in Ohio R.C. 5703.47, plus three percent per year.
(b) In addition to interest as provided in subsection (a) hereof, penalties based on the unpaid tax are hereby imposed as follows:
(1) For failure to pay taxes due, other than taxes withheld, one percent per month or fraction thereof or twenty-five dollars ($25.00), whichever, is greater;
(2) For failure to file a final return on the specified filing date, twenty-five dollars ($25.00), regardless of the taxpayer's tax liability.
(c) A penalty shall not be assessed on an additional tax assessment made by the Finance Director when a return has been filed in good faith and the tax has been paid thereon within the time prescribed by the Finance Director. Further, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a Federal audit, provided that an amended return is filed and the additional tax is paid within three months after final determination of the Federal tax liability.
(d) Upon recommendation of the Finance Director, the Board of Review may abate a penalty or interest, or both, or upon an appeal from the refusal of the Finance Director to recommend abatement of a penalty and/or interest, the Board may nevertheless abate a penalty or interest, or both.
(Res. 29-00. Passed 12-12-00; Ord. 28-04. Passed 11-9-04.)