(A) Commencement of interest. If any amount of sales tax is not paid on or before the last date prescribed for payment, then interest on such amount at the rate of 1% per month shall be paid for the period from such last date to the date paid. The last date prescribed for payment shall be determined without regard to any extension of time for payment and shall be determined without regard to any notice and demand for payment issued, by reason of jeopardy, prior to the last date otherwise prescribed for such payment. In the case of a tax in which the last date for payment shall be deemed to be the date that the liability for the tax arises, and in no event shall such date be later than the date that notice and demand for the tax is made by the Finance Director.
(B) Interest due with tax. Interest prescribed under this section and § 4-3-5-1(B) of this chapter shall be paid upon notice and demand and shall be assessed, collected, and paid in the same manner as the tax to which such interest is applicable.
(C) Overpayment interest recovery. If any portion of a tax is satisfied by credit of an overpayment, then no interest shall be imposed under this section on the portion of the tax so satisfied for any period, during which, if the credit has not been made, interest would have been allowed with respect to such overpayment.
(D) Collection of interest. Interest prescribed under this section and § 4-3-5-1(B) of this chapter on any sales tax may be assessed and collected at any time during the period within which the tax to which such interest relates may be assessed and collected.
(Ord. 45(1991) § 1)