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WILLIAM DONALD SCHAEFER, Governor Ch. 1
(i) collect from the buyer as required in § 1.1-403 of this title; or
(ii) pay to the Comptroller as required in subsection (b) of this section.
13-104.
(A) (1) SUBJECT TO THE APPROVAL OF THE TREASURER AND
SUBJECT TO THE LIMITATION UNDER PARAGRAPH (2) OF THIS
SUBSECTION, THE COMPTROLLER OR THE DEPARTMENT MAY PROVIDE
BY REGULATION FOR THE PAYMENT OF ANY UNPAID TAX LIABILITY IN
CONNECTION WITH A TAX RETURN, REPORT, OR OTHER DOCUMENT
REQUIRED TO BE FILED WITH THE COMPTROLLER OR THE DEPARTMENT
IN FUNDS THAT ARE IMMEDIATELY AVAILABLE TO THE STATE ON THE
DATE THE PAYMENT IS DUE.
(2) THE COMPTROLLER OR THE DEPARTMENT MAY NOT
REQUIRE PAYMENT IN FUNDS THAT ARE IMMEDIATELY AVAILABLE TO
THE STATE IF THE UNPAID TAX LIABILITY IN CONNECTION WITH A TAX
RETURN, REPORT, OR OTHER DOCUMENT IS LESS THAN $20,000.
(B) ANY REGULATIONS ADOPTED BY THE COMPTROLLER OR THE
DEPARTMENT UNDER THIS SECTION SHALL ESTABLISH A SUITABLE
MEANS FOR PAYMENT IN IMMEDIATELY AVAILABLE FUNDS SO AS TO
INSURE THE AVAILABILITY OF THOSE FUNDS TO THE STATE ON THE
DATE OF PAYMENT.
(C) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, IF A
PERSON FAILS TO PAY A TAX IMPOSED UNDER THIS ARTICLE ON OR
BEFORE THE DATE THE TAX IS DUE IN IMMEDIATELY AVAILABLE FUNDS
AS REQUIRED BY THE REGULATIONS OF THE COMPTROLLER OR THE
DEPARTMENT, THE COMPTROLLER OR THE DEPARTMENT SHALL ASSESS
INTEREST AND A PENALTY ON THE UNPAID TAX FROM THE DATE THE
TAX IS DUE TO THE DATE ON WHICH THE FUNDS FROM THE TAX
PAYMENT BECOME AVAILABLE TO THE STATE.
(2) THE COMPTROLLER OR THE DEPARTMENT MAY WAIVE
INTEREST AND PENALTIES ON LATE PAYMENTS IF THE PERSON
REQUIRED TO PAY THE TAX PROVES THAT:
(I) THE PERSON MADE A GOOD FAITH EFFORT TO
COMPLY WITH THE REQUIREMENTS OF THIS SECTION; AND
(II) THE PERSON EXERCISED DUE DILIGENCE TO INITIATE
PAYMENT CORRECTLY AND ON A TIMELY BASIS.
(D) THIS SECTION DOES NOT AFFECT ANY REQUIREMENT
OTHERWISE ESTABLISHED BY LAW FOR THE FILING OF ANY RETURN,
REPORT, OR OTHER DOCUMENT.
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