What is the penalty and interest rate for filing a late quarterly fuel tax report?
A penalty of $50.00 or ten percent of the net tax liability, whichever is greater, will be assessed on late-filed reports, failure to file, or for underpayment of tax due. If the net tax liability is zero or a credit, the late filing penalty will still be $50.00. To avoid penalty for late filing, the tax reports must be postmarked no later than midnight on the date indicated. If the last day of the month falls on a Saturday, Sunday or legal holiday, the next business day will be considered as filed timely. Interest is assessed on all delinquent taxes due each jurisdiction. The interest rate is one percent per month. Interest will be calculated from the date the tax was due for each month or fraction of a month until paid. Reports will be furnished each quarter indicating the current tax rates for each member jurisdiction. Failure to receive the tax report does not relieve you from the obligation of filing in a timely manner or submitting the reports.
