Amendment #374 to H5150

Sales Tax Modernization 2 - Penalty

Mr. Hunt of Sandwich moves to amend the bill in section 17, by adding the following:-

If any person required by this section to make such a preliminary remittance fails to make such payment on or before the date prescribed therefor, there shall be imposed upon such person a penalty of 5 per cent of the amount of the underpayment, unless it is shown that such failure is due to reasonable cause and not to willful neglect.  For purposes of this paragraph, the term "underpayment" means the excess of the amount of the preliminary remittance required to be so made over the amount, if any, paid on or before the date prescribed therefor.