Any transferor or transferee who fails to file with the department a real property transfer declaration as required by Section 3-33-070 of this chapter, or a supplemental transfer declaration as required by Section 3-33-100 of this chapter, prior to the department issuing a notice of tax audit, investigation or liability in connection with the transfer of title to, or beneficial interest in, real property, shall be subject to a penalty equal to the amount of the applicable tax. This penalty shall be in addition to any tax and interest due, and any negligence or wilfulness penalty provided by Chapter 3-4 of this Code.
(Added Coun. J. 12-15-92, p. 27387; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 3)