(a) Interest on Unpaid Tax. All taxes imposed and all monies withheld or required to be withheld by employers and all installments or estimated taxes required to be paid under the provisions of this chapter and remaining unpaid after they become due, shall bear interest at the rate of six percent (6%) per annum.
(b) Penalties on Unpaid Tax. In addition to interest as provided in this chapter, penalties based on the unpaid tax or installments of estimated tax are hereby imposed as follows:
(1) For failure to pay taxes or estimated taxes due, other than taxes withheld: ten percent (10%) per annum, but not less than five dollars ($5.00).
(2) For failure to remit taxes withheld from employees: ten percent (10%) per month or fraction thereof, but accumulated penalty shall not exceed fifty percent (50%) upon any unpaid amount and shall not be less than five dollars ($5.00).
(c) Exceptions. A penalty shall not be assessed on any additional tax assessment made by the Administrator when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Administrator; and provided further that, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment against a taxpayer by the Administrator resulting from a federal audit, providing an amended return is filed and the additional tax is paid within three months after a final determination of the federal tax liability.
(d) Abatement of Interest and Penalty. Either the Administrator hereunder or the Board of Review may abate penalty or interest, or both, for good cause shown.
(Ord. 1996-0-15. Passed 5-13-96.)