2005 Vermont Code - § 7820. — Civil penalties

§ 7820. Civil penalties

Any person who shall fail to pay any tax imposed by this subchapter on or before the date when the same is required to be paid shall pay interest on the unpaid amount of said tax at the rate per annum established from time to time by the commissioner pursuant to section 3108 of this title, to be calculated from the date the tax was required to be paid. All such interest shall be payable to and recoverable by the commissioner in the same manner as is the tax imposed by this subchapter. For a reasonable cause the commissioner may abate all or any part of such interest. In addition to any interest payable pursuant to this section, any person who, without fraud or willful intent to defeat or evade a tax liability imposed by this chapter, fails to pay that tax liability within thirty days of the date when the tax is required to be paid, shall pay a penalty equal to five percent of the outstanding tax liability for each month or portion thereof thereafter that the tax is not paid in full; provided, however, that in no event shall the amount of any penalty imposed hereunder exceed 25 percent of the tax liability unpaid on the prescribed date of payment. Whenever any tax assessed under this subchapter was unpaid due to fraud with intent to defeat or evade the tax imposed by this subchapter, a penalty equal to the amount of such tax as determined by the commissioner shall be added to said assessment, and interest shall be payable on the unpaid amount of the tax at the rate set forth in this section. For reasonable cause the commissioner may waive or abate all or any part of said penalties and such interest. (Added 1959, No. 231, § 7; amended 1965, No. 41, § 2, eff. April 28, 1965; 1979, No. 105 (Adj. Sess.), § 23; 1981, No. 191 (Adj. Sess.), § 7.)