Interest And Penalties

*This information is for Model City Tax Code purposes only.

(a) In the event a participating hospital owes a shortfall amount to the tax collector pursuant to Section 5-10-715(d), the participating hospital must pay interest on such shortfall amount from the delinquency date until it is remitted to the tax collector. The interest rate shall be determined pursuant to Section 5-10-540.

(b) In addition to interest being assessed under subsection (a), any participating hospital that fails to pay any of the ATC Tax imposed by this article which were due or found to be due before the delinquency date shall be subject to and shall pay two (2) percent civil penalties on the shortfall amount.

(c) Penalties provided for under Section ___-540 are not applicable.

(d) Penalties and interest imposed by this section are due and payable upon notice by the tax collector.