Returns and Reports - Failure to File - Penalties

(a)

(1)Any person who fails to file a return or report required by this Act for limited gaming activities, which return or report includes taxable limited gaming transactions, on or before the date the return or report is due, as prescribed in § 5202(a)(3) of this Act, is subject to the payment of an additional amount assessed as a penalty equal to fifteen percent of the tax, or One Thousand Dollars ($1,000), whichever is greater; except that for good cause shown, the Director may reduce or eliminate such penalty.

(2)Any person, subject to taxation under this Chapter for limited gaming activities, who fails to pay the tax within the time prescribed, is subject to an interest charge of two percent per month or portion thereof for the period of time during which the payment is late, or One Thousand Dollars ($1,000), whichever is greater.

(3)

(A)Penalty and interest are considered the same as a tax for the purposes of collection and enforcement, including liens, distraint warrants, and criminal violations.

(B)Any payment received for taxes, penalties, or interest is applied, first to the tax, beginning with the oldest delinquency, then to interest, and then to penalty.

(4)The Director may, upon application of the taxpayer, establish a maximum interest rate of twenty-four percent upon delinquent taxes if the Director determines that the delinquent payment was caused by a mistake of law and not by a willful intent to evade the tax.

(b)The procedures for collection of any taxes due under this Act and the authority of the Department to collect such taxes, shall be the same as those provided for the collection of business privilege taxes.