(a) A racetrack association is liable for a penalty if the racetrack association does not pay the state's share of a pari-mutuel pool or file a report related to the payment of that share on or before the time the payment or report is due.
(b) The amount of the penalty under Subsection (a) is the greater of:
(1) five percent of the total amount due; or
(2) $1,000.
(c) An additional penalty in an amount equal to one percent of the unpaid amount of the state's share of the pari-mutuel pool shall be added for each business day that the required report or payment is late, up to a maximum penalty of 12 percent.
(d) A penalty under this section may be waived in a situation in which a penalty would be waived under Section 111.103, Tax Code.