393A.730 Interest and penalty for failure to act in timely manner.
137 words·~1 min read·
/ky/chapter-393a/393a-730A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A holder that fails to report, pay, or deliver property within the time prescribed by
this chapter shall pay to the administrator interest at the tax interest rate determined
under KRS 131.183 on the property or value of the property from the date the
property should have been reported, paid, or delivered to the administrator until the
date reported, paid, or delivered.
(2)Except as otherwise provided in KRS 393A.740 or 393A.750, the administrator
may require a holder that fails to report, pay, or deliver property within the time
prescribed by this chapter to pay to the administrator, in addition to interest
included under subsection
(1)of this section, a civil penalty of two hundred dollars
($200) for each day the duty is not performed, up to a cumulative maximum amount
of five thousand dollars ($5,000).