15-53-145. Deficiency assessment -- review -- interest -- penalty. (1) If the department determines that the amount of tax due is greater than the amount reported, it shall mail to the taxpayer a notice, pursuant to 15-1-211, of the additional tax proposed to be assessed. The taxpayer may seek a review of the determination pursuant to 15-1-211.
     (2) (a) Interest on any deficiency must bear interest until paid at a rate of 1% a month or fraction of a month, computed from the original due date of the return.
     (b) If payment is not made within 60 days, the tax is delinquent and a penalty of 10% must be added to the amount of the deficiency.

     History: En. Sec. 11, Ch. 426, L. 1999.