Interest on Taxes Not Timely Paid; Rate; Determination of Due Date; Effect of Tax Reduction on Computation of Interest; Assessment, Collection, and Payment of Interest on Penalties or Additions; Grace Period; Assessment and Collection Period

  1. Law
  2. Georgia Code
  3. Revenue and Taxation
  4. Income Taxes
  5. Payment: Deficiencies, Assessment, and Collection
  6. Interest on Taxes Not Timely Paid; Rate; Determination of Due Date; Effect of Tax Reduction on Computation of Interest; Assessment, Collection, and Payment of Interest on Penalties or Additions; Grace Period; Assessment and Collection Period

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  1. If any amount of tax imposed by this chapter is not paid on or before the last date prescribed for payment, interest on the payment at the rate specified in Code Section 48-2-40 shall be paid for the period from the last date prescribed for payment to the date paid.
  2. The last date prescribed for payment of the tax shall be determined without regard to any:
    1. Extension of time for payment; or
    2. Notice and demand for payment issued by reason of jeopardy prior to the last date otherwise prescribed for the payment.
  3. If the amount of any tax imposed by this chapter is reduced by reason of a carry back of a net operating loss, the reduction in tax shall not affect the computation of interest under this Code section for the period ending with the last day of the taxable year in which the net operating loss arises.
  4. Except as otherwise specifically provided by law:
    1. Interest prescribed under this Code section shall be paid upon notice and demand and shall be assessed, collected, and paid in the same manner as the tax. Any reference to the tax imposed by this chapter shall be deemed also to refer to interest imposed by this Code section on the tax;
    2. No interest under this Code section shall be imposed on the interest provided by this Code section;
    3. Interest shall be imposed under subsection (a) of this Code section on any assessable penalty, additional amount, or addition to the tax only if the assessable penalty, additional amount, or addition to the tax is not paid within ten days from the date of notice and demand for the payment. Interest shall be imposed only for the period from the date of the notice and demand to the date of payment;
    4. If notice and demand are made for the payment of any amount and if the amount is paid within ten days after the date of the notice and demand, interest under this Code section on the amount so paid shall not be imposed for the period after the date of the notice and demand.
  5. Interest prescribed under this Code section may be assessed and collected at any time during the period within which the tax to which the interest relates may be collected.

(Ga. L. 1931, Ex. Sess., p. 24, § 37; Ga. L. 1931, p. 7, § 85; Code 1933, § 92-3304; Ga. L. 1971, p. 673, § 1; Ga. L. 1975, p. 156, § 1; Code 1933, § 91A-3803, enacted by Ga. L. 1978, p. 309, § 2; Ga. L. 1980, p. 10, § 20.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 72 Am. Jur. 2d, State and Local Taxation, § 714 et seq.

C.J.S.

- 85 C.J.S., Taxation, §§ 1882, 1883, 1903, 1904, 1905, 2074.


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