(A) All taxes imposed by § 33.02 and collected by § 33.05 and § 33.08 of this chapter, which remain unpaid after they become due shall result in the assessment of an penalty of 10% of the amount of unpaid tax. A penalty shall not be assessed on an additional tax assessment made by the Clerk-Treasurer when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Clerk-Treasurer; provided further, that, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a federal audit, providing an amended return is filed and the additional tax is paid within three months after final determination of the federal tax liability.
(C) In the event that the taxpayer has properly requested an extension of filing time, no penalty shall be assessed in those cases in which the return is filed and the final tax, if any, is paid within the period as extended.
(D) All taxes imposed by this chapter and remaining unpaid after they become due shall bear interest, in addition to the amount of the unpaid tax. Such interest shall be computed by using the federal short-term rate, rounded to the nearest whole number percent plus 3% for interest that accrues during the following calendar year.
(1) Such interest rate shall be made public on the thirtieth day of October of each year.
(2) Such interest rate computation shall be utilized for all taxes due on or after January 1, 2001.
(E) All taxes deducted by an employer or required to be deducted and withheld by an employer pursuant to § 33.07 of this chapter remaining unpaid after they become due shall result in the assessment of a penalty of 50% of the amount of the unpaid tax.
(F) All taxes deducted by an employer or required to be deducted and withheld by an employer and remaining unpaid after they become due pursuant to § 33.07(B)(1), (2) or (3) shall bear interest on the amount of unpaid tax. Such interest shall be computed by using the federal short-term rate, rounded to the nearest whole number percent plus 3% for interest that accrues during the following calendar year.
(1) Such interest rate shall be made public on the thirtieth day of October of each year.
(2) Such interest rate computation shall be utilized for all taxes due on or after January 1, 1991.
(G) As used in this section,
FEDERAL SHORT-TERM RATE means the rate of the average market yield on outstanding marketable obligations of the United States with remaining periods of maturity of three years or less, as determined under Section 1274 of the “Internal Revenue Code of 1966”, 100 Stat. 2085, 26 USC 1274, for July of the current year.
(Am. Ord. O-1879-02, passed 3-18-02; Am. Ord. O-2270-10, passed 12-13-10)