Arizona Laws 44-326. Interest; penalties
A. The department may require any person who fails to pay or deliver property within the time prescribed in this chapter to pay to the department interest at the rate of one and one-half per cent per month or fraction of a month on the property or value of the property from the date the property should have been paid or delivered.
Terms Used In Arizona Laws 44-326
- Department: means the department of revenue. See Arizona Laws 44-301
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 44-301
- Property: means tangible property pursuant to section 44-303 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments from that property. See Arizona Laws 44-301
- Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
B. Any person who wilfully fails to:
1. Render any report or perform any other duty required under this chapter shall pay a civil penalty of one hundred dollars for each day the report is withheld or the duty is not performed up to a maximum of five thousand dollars.
2. Pay or deliver property to the department as required under this chapter shall pay a civil penalty of twenty-five per cent of the value of the property that should have been paid or delivered.