(a) At the time of transmitting the returns required under this chapter to the Director of the Department of Finance and Administration, the taxpayer shall remit with the returns to the director ninety-eight percent (98%) of the state tax due under this chapter and ninety-eight percent (98%) of the city and county gross receipts taxes collected by the director.

(b) Failure of the taxpayer to remit the tax on or before the twentieth day of the applicable month shall cause the taxpayer to forfeit his or her claim to the discount, and the taxpayer shall remit to the director one hundred percent (100%) of the amount of tax plus any penalty and interest due.

(c) (1) (A) The discount for early payment of state tax shall not exceed one thousand dollars ($1,000) per month for a taxpayer filing monthly gross receipts tax reports.

(B) A taxpayer filing a tax report on a quarterly, annual, or occasional basis is entitled to the discount for early payment of state tax, which shall not exceed one thousand dollars ($1,000) for each month included in the tax report.

(2)

(A) The aggregate state tax discount available to a taxpayer who operates more than one (1) permitted business location within this state and who does not file a consolidated monthly gross receipts tax report for all locations shall not exceed one thousand dollars ($1,000) per month.

(B) In the case of a corporate taxpayer that is a parent corporation and that holds fifty percent (50%) or more of the outstanding shares of one (1) or more corporations that are subsidiaries and that are subject to the tax imposed by this chapter, the aggregate state tax discount available to the parent corporation and all subsidiaries shall not exceed one thousand dollars ($1,000) per month.

(C) The limitations on the state tax discount under this section apply to early payment of city and county gross receipts taxes collected by the director, under the following schedule:

(i) For the tax year beginning January 1, 2018, the discount shall not exceed five thousand dollars ($5,000);

(ii) For the tax year beginning January 1, 2019, the discount shall not exceed four thousand dollars ($4,000);

(iii) For the tax year beginning January 1, 2020, the discount shall not exceed three thousand dollars ($3,000);

(iv) For the tax year beginning January 1, 2021, the discount shall not exceed two thousand dollars ($2,000); and

(v) For tax years beginning on and after January 1, 2022, the discount shall not exceed one thousand dollars ($1,000).