(a) Underpayments. If any amount of a tax administered under this article is not paid on or before the last date prescribed for payment, interest on such amount at the rate of eight percent (8%) per annum shall be paid for the period from such last date to the date paid. For purposes of this subsection, the last date prescribed for payment shall be the due date of the return and shall be determined without regard to any extension of time for payments.
(b) Erroneous Refund or Credit. If any refund is made or credit is established upon an erroneous claim for refund or credit, 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 refund was made or the credit was taken to the date such amount is recovered.
(c) Overpayments. Interest shall be allowed and paid at the rate of eight percent (8%) per annum upon any amount which has been finally administratively or judicially determined to be an overpayment in respect of each tax administered under this article. Such interest shall be allowed and paid for the period commencing with the date of the filing by the taxpayer of a claim for refund or credit with the City Treasurer and ending with the date of final administrative or judicial determination of overpayment. The City Treasurer shall, within thirty days after such final determination of entitlement to refund, issue his requisition or establish a credit as requested by the taxpayer. Whenever the City Treasurer fails or refuses to issue any such requisition or establish such credit within the thirty day period, the interest provided herein shall commence to accrue anew until performance by the City Treasurer. The acceptance of such refund check or credit shall be without prejudice to any right of the taxpayer to claim any additional overpayment and interest thereon.
(d) Applicable Rules.
(1) Interest prescribed under this section on any tax shall be collected and paid in the same manner as taxes.
(2) No interest under this section shall be imposed on the interest provided by this section.
(3) Interest shall be imposed under subsection (a) hereof on any assessable penalty or additions to tax only if such penalty or additions 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.
(4) If notice and demand is made for payment of any amount, and if such amount is paid within fifteen days after the date of such notice and demand, interest under this section on the amount so paid shall not be imposed for the period after the date of such notice and demand.
(Ord. 0-19-87. Passed 4-9-87.)