Sec. 1. (a) The penalty prescribed by IC 6-8.1-10-2.1(b) shall be assessed by the department on a taxpayer who fails to make payments as required in IC 6-5.5-6. However, no penalty shall be assessed for a quarterly payment if the payment equals or exceeds:
(1) twenty percent (20%) of the final tax liability for the taxable year; or
(2) twenty-five percent (25%) of the final tax liability for the taxpayer's previous taxable year.
(b) The penalty for an underpayment of tax on a quarterly return shall only be assessed on the difference between the actual amount paid by the taxpayer on the quarterly return and the lesser of:
(1) twenty percent (20%) of the taxpayer's final tax liability for the taxable year; or
(2) twenty-five percent (25%) of the taxpayer's final tax liability for the taxpayer's previous taxable year.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.1-1991, SEC.55.
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