Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Calculate Late Penalty and Interest
The Revenue Act includes provisions for charging penalty and interest if a taxpayer fails to pay a tax within the time specified.
INTEREST
Interest is calculated by multiplying the unpaid tax owed by the current interest rate.
PENALTY
Penalty is 5% of the total unpaid tax due for the first two months. After two months, 5% of the unpaid tax amount is assessed each month. The maximum late penalty is equal to 25% of the unpaid tax owed.