What is the penalty for late payment of state taxes in Georgia?

The penalty for late payment of state taxes in Georgia is determined based on a percentage of the unpaid tax amount. There is a 1% penalty charged for each month or part of the month that the payment is late, up to a maximum of 20%. Additionally, interest is charged on the unpaid tax amount at a variable rate based on the federal short-term rate plus three percentage points. The interest is compounded daily and added to the outstanding balance until the payment is made in full. It is essential to promptly pay state taxes to avoid incurring these penalties and interest charges. For more detailed information regarding specific penalties and interest rates, it is recommended to refer to the Georgia Department of Revenue's official website or consult with a tax professional.