§ 9-1-46. Interest on late payments and refunds.

(a)

Interest shall be charged on late payments of the license tax from the thirty-first day following the date payment was due until the date payment is made without regard to fault or other reason for the lateness of the payment. Such interest shall accrue at the rate of 10 percent per annum for the first year such tax remains unpaid and thereafter at the rate of five percent per annum.

(b)

Whenever an assessment of additional or omitted tax by the director is found to be erroneous, all interest and penalty charged and collected on the amount of the assessment found to be erroneous shall be refunded.

(c)

Interest shall be paid on the refund of any license tax, whether attributable to an amended return or other reason, at the rate specified in subsection (a) above for late payments of the license tax. Interest on refunds shall not begin to accrue until 30 days have passed from the date of payment or the due date, whichever is later, and shall otherwise be determined in accordance with section 3-2-9(c). (Ord. No. 3870, 6/15/96, Sec. 2; Ord. No. 4058, 6/12/99, Sec. 8)