(a) All taxes imposed, including estimated taxes, and all moneys 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 rate of one-half of one percent (1/2%) per month or fraction of a month.
(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, including estimated payments, when due, other than taxes withheld, one and one-half percent (1-1/2%) per month or fraction of a month, but not less than $25.00.
(2) For failure to remit taxes withheld from employees, five percent (5%) per month or fraction of a month.
(c) A penalty shall not be assessed on an additional tax assessment made by the Tax Commissioner when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Tax Commissioner; and 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.
(d) The taxpayer may request an abatement of penalty, interest, or both. Said request must be in writing, addressed to the Tax Commissioner and presented to the Tax Commissioner setting forth the facts the taxpayer would like the Income Tax Review Board to consider in making a determination regarding said request. The Income Tax Review Board shall meet and make a determination within sixty (60) days after the Tax Commissioner receives a request and may abate penalty or interest, or both. (Ord. 11-30. Passed 12-19-11.)