N.Y. Comp. Codes R. & Regs. tit. 20 § 575.20

Current through Register Vol. 46, No. 45, November 2, 2024

Section 575.20 - Interest and civil penalties

Tax Law, § 1416

(a) If it is determined that there has been an underpayment of tax, interest is due at the underpayment rate on the amount of tax not paid. If any amount of tax is not paid on or before the last date prescribed for payment in section 575.14 of this Part, such interest on the tax not paid is due for the period from such last date to the date paid.

(b) For the underpayment rate of interest, see Part 2393 of this Title. Interest of less than one dollar will not be paid.

(c) Any grantor or grantee who fails to file a return or pay any tax due within the time required by section 575.14 of this Part is subject to a penalty of 10 percent of the amount of tax due. In addition, there is imposed an interest penalty of 2 percent of the amount of tax due per month of delay or fraction thereof after the expiration of the first month after such return was required to be filed or such tax became due. Such interest penalty may not exceed 25 percent. If the commissioner determines that the failure to timely file a return or pay any tax was due to reasonable cause and not due to willful neglect, the commissioner shall remit, abate or waive all of such penalty and interest penalty.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 575.20