A. Any person who fails to file a return required by this chapter on a timely basis shall be subject to a civil penalty. The amount of the civil penalty shall be as follows:

1. $50 for the first violation;

2. $200 for the second violation;

3. $500 for the third violation; and

4. $1,000 for the fourth and subsequent violations.

After imposition of the penalty under this subsection, the amount of the penalty, if not paid within 30 days of receipt of notice of such penalty, shall bear interest at the rate of one percent per month or fraction thereof until the penalty has been paid.

B. Interest at the rate of one percent per month or fraction thereof shall accrue on the amount of any taxes due under this chapter that have not been paid to the Commissioner on a timely basis. Such interest shall continue to accrue until such taxes have been paid.

Any person who fails to pay the Commissioner on a timely basis the amount of taxes due under this chapter shall also be subject to a civil penalty. The amount of the civil penalty shall be equal to 10 percent of the tax due or $50, whichever is greater; however, penalties resulting from an audit shall be equal to 10 percent of the tax due.

After imposition of the civil penalty under this subsection, the amount of the penalty, if not paid within 30 days of receipt of notice of such penalty, shall bear interest at the rate of one percent per month until both tax and penalty have been paid.

C. The Commissioner is authorized to reduce or waive any penalties under this section if the violation is due to a reasonable or good cause shown to the satisfaction of the Commissioner.

2012, cc. 217, 225.