A. Interest will be assessed on any unpaid business tax at the rate of .833 percent simple interest per month or fraction thereof (10 percent per annum), computed from the original due date of the tax to the 15th day of the month following the date of payment.
B. Interest will be assessed on any unpaid or underpaid quarterly estimated payment required by Sections 7.02.520 and 7.02.530 at the rate of .833 percent simple interest per month or fraction thereof (10 percent per annum), computed from the due date of each quarterly estimated payment to the original due date of the tax return to which the estimated payments apply.
C. Notwithstanding Subsection B. there is no interest on underpayment of quarterly estimated payments if:
1. The total tax liability of the prior license tax year was less than $1,000; or
2. An amount equal to at least 90 percent (0.90) of the total tax liability, but not less than $100, for the current license tax year was paid in accordance with Section 7.02.530; or
3. An amount equal to at least 100 percent (1.00) of the prior year’s total tax liability was paid in accordance with Section 7.02.530.
D. For purposes of Subsection B., the amount of underpayment is determined by comparing the 90 percent of the current total tax liability amount to quarterly estimated payments made prior to the original due date of the tax return. However, if 100 percent of the prior year’s total tax liability is paid to the Bureau by the due date of the fourth quarterly payment, the Bureau may use the prior year’s tax liability if doing so will reduce the amount of interest owed.
E. For purposes of Subsection A. of this Section, the amount of tax due on the tax return will be reduced by the amount of any tax payment made on or before the date for payment of the tax in accordance with Subsection 7.02.510 A. or Section 7.02.530.
F. Interest at the rate specified in Subsection A. of this Section accrues from the original due date without regard to any extensions of the filing date.
G. Any interest amounts properly assessed in accordance with this section may not be waived or reduced by the Bureau, unless specifically provided for by written policy.