2019 Indiana Code
Title 6. Taxation
Article 5.5. Taxation of Financial Institutions
Chapter 7. Penalties
6-5.5-7-1. Failure to make payment; underpayments

Universal Citation: IN Code § 6-5.5-7-1 (2019)
IC 6-5.5-7-1 Failure to make payment; underpayments

Sec. 1. (a) The penalty prescribed by IC 6-8.1-10-2.1(b) shall be assessed by the department on a taxpayer who fails to make payments as required in IC 6-5.5-6. However, no penalty shall be assessed for a quarterly payment if the payment equals or exceeds:

(1) twenty percent (20%) of the final tax liability for the taxable year; or

(2) twenty-five percent (25%) of the final tax liability for the taxpayer's previous taxable year.

(b) The penalty for an underpayment of tax on a quarterly return shall only be assessed on the difference between the actual amount paid by the taxpayer on the quarterly return and the lesser of:

(1) twenty percent (20%) of the taxpayer's final tax liability for the taxable year; or

(2) twenty-five percent (25%) of the taxpayer's final tax liability for the taxpayer's previous taxable year.

As added by P.L.347-1989(ss), SEC.1. Amended by P.L.1-1991, SEC.55.

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