Penalty and interest on unpaid withheld taxes.
Columbus City Codes § 361.38
in effect361.38 - Penalty and interest on unpaid withheld taxes.
(a) All taxes deducted by an employer or required to be deducted and withheld by an employer pursuant to Section 361.24 remaining unpaid after they become due shall result in the assessment of a penalty of fifty percent (50%) of the amount of the unpaid tax.
(b) All taxes deducted by an employer or required to be deducted and withheld by an employer and remaining unpaid after they become due pursuant to Section 361.24(c)(1), (c)(2) or (c)(3), shall bear interest on the amount of unpaid tax.
Such interest shall be computed by using the federal short-term rate, rounded to the nearest whole number percent plus three percent (3%) for interest that accrues during the following calendar year.
(1) Such interest rate shall be made public on the thirtieth day of October of each year.
(2) Such interest rate computation shall be utilized for all taxes due on or after January 1, 1991.
(3) As used in this section, "federal short-term rate" means the rate of the average market yield on outstanding marketable obligations of the United States with remaining periods of maturity of three (3) years or less, as determined under Section 1274 of the Internal Revenue Code of 1966, 100 Stat. 2085, 26 USC 1274, for July of the current year.
(Ord. 2890-90; Ord. 2624-00 § 1 (part).)
Source: City of Columbus, City Codes and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/oh/columbus/codes/code_of_ordinances?nodeId=TIT3FITACO_CH361INTATAYEPR2016_361.38PEINUNWITAFetched: 10/27/2026