The interest, penalty or any portion thereof accruing by reason of a taxpayer’s failure to pay the municipal tax herein levied may be waived or remitted in the same manner provided for said waiver or remittance as applied in the administration of the state sales tax provided in 68 O.S. § 220; to accomplish the purposes of this section, the applicable provisions of 68 O.S. § 220 are adopted by reference and made a part of this subchapter.
(`85 Code, § 1-76)