Conn. Agencies Regs. § 12-735(a)-1 - Penalties and interest
(a)
(1) If any person fails to pay the amount of
tax reported to be due on such person's return (other than an amended return)
within the time specified under the provisions of the Income Tax Act, there
shall be imposed a penalty of 10% of such amount due and unpaid. The tax shall
also bear interest at the statutory rate under subsection (a) of Section
12-735
of the General Statutes for each month or fraction thereof, from the time
specified for payment of such tax until the date of payment.
(2) If a person files an amended return after
the date fixed for filing the return, reporting thereon an amount to be due in
excess of the amount reported to be due on such person's return, no penalty
shall be imposed under this section, whether or not such excess is paid at the
time of filing such amended return, but such excess shall bear interest at the
statutory rate under subsection (a) of Section
12-735
of the General Statutes for each month or fraction thereof, from the time
specified for payment of such tax until the date of payment.
(3) The time specified for payment is the
date fixed for filing the return, determined without regard to any extension of
time for filing such return.
(b) For purposes of Section
12-735(a)
of the general statutes and subsection (a) of this section, "return" does not
mean any installment(s) of estimated tax required under Part VIII, but means
the final tax return required to be filed on the fifteenth day of the fourth
month following the close of the taxable year with respect to which such
installments of estimated tax were made, and such other returns as may be
required under the Income Tax Act.
(c) For the definition of "month or fraction
thereof," see §
12-701(b)-1 of Part
XIV.
(d) For failure to file a
return or report within the time specified by the Income Tax Act (including any
extensions of time granted under Part X), where no penalty for late payment
applies and no penalty under §
12-735(d)-1
of this Part applies, a penalty of $50 shall be imposed pursuant to Section
12-30
of the general statutes.
(e) While
this section pertains to Section
12-735(a)
of the general statutes, for purposes of supplementary interpretation, as the
phrase is used in Section
12-2
of the general statutes, the adoption of this section is authorized by Section
12-740(a)
of the general statutes.
Notes
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