72-16-463. Failure to pay installment -- acceleration of payment. (1) Except as provided in subsection (2), if any installment of principal or interest under 72-16-451 through 72-16-465 is not paid on or before the date fixed for its payment, including any extension of time for the payment of the installment, the unpaid portion of the tax payable in installments must be paid on notice and demand from the department.
     (2) If any installment of principal or interest under 72-16-451 through 72-16-465 is not paid on or before the date determined under subsection (1) but is paid within 6 months of the date, the provisions of subsection (1) do not apply with respect to such payment, the provisions of 72-16-461 may not apply with respect to the determination of interest on such payment, and there is imposed a penalty in an amount equal to the product of 5% of the amount of such payment multiplied by the number of months or fractions thereof after such date and before payment is made.

     History: En. Sec. 23, Ch. 705, L. 1979; amd. Sec. 14, Ch. 511, L. 1983.