(a) In the case of an underpayment of estimated tax by a person who is taxable under the provisions of this article, there shall be added to the amount of tax due, from the date such tax should have been paid, interest in the amount of eight percent (8%) per annum. An underpayment of estimated tax means the application of rates set forth in this article against estimated values of gross income which constitutes less than eighty percent (80%) of actual receipts. The due date for payment of the tax to avoid accumulation of the interest is one month after the end of the taxpayer’s tax year or one month after the end of the taxpayer’s estimate period for which a return must be filed under Section 761.14, unless otherwise stated in this article.
(b) If any refund is made upon an erroneous claim for refund, interest on such amount refunded or credited at the rate of eight percent (8%) per annum shall be paid by the claimant from the date the claim for refund was made to the date such amount is recovered. There will be no interest paid on credits as they begin to apply the first day of the next taxable period.
(c) Interest prescribed under this section shall be collected and paid in the same manner as taxes.
(d) No interest under this section shall be imposed on the interest provided by this section.
(e) Interest shall be imposed on any assessable penalty or addition to tax only if such penalty or addition to tax is not paid within fifteen days from the date of notice and demand therefor, and in such case interest shall be imposed only for the period from the date of the notice and demand to the date of payment.
(f) The interest imposed by this section cannot be waived.
(Ord. 1216. Passed 1-28-03.)