15-31-545. Graduated delinquent penalty for corporate taxpayers. If the tax for any corporation is not paid on or before the due date of the return, as provided in 15-31-111(2), or if the tax is not paid on or before the due date of the return, as provided in 15-31-111(3), there is assessed a penalty of 1% of the tax due, increasing by 1% for each 30-day period that the tax or any fraction of the tax remains unpaid, up to a maximum penalty of 25% of the tax due. This penalty must be assessed unless it is shown that the failure was due to a reasonable cause and was not due to neglect.

     History: En. Sec. 1, Ch. 51, L. 1997.