INDIANA DEPARTMENT OF REVENUE
Departmental Notice #3
November 2007
Interest Rates for Calendar Year 2008
This document does not meet the definition of a "statement" required to be published in the
Indiana Register under
IC 4-22-7-7. However, under P.L.211-2007, SECTION 50, the Commissioner is required to establish the applicable interest rates for tax overpayments and underpayments that will take effect for the immediately succeeding calendar year. The purpose of this notice is to inform the public of the interest rates that will be effective beginning January 1, 2008.
The rate of interest for an underpayment of tax and an excess tax payment is the percentage rounded to the nearest whole number that equals two (2) percentage points above the average investment yield on state money for the state's fiscal year ending June 30, 2007, excluding pension fund investments, as provided by the State Treasurer's office. The rate of interest for an underpayment of tax and an excess tax payment for calendar year 2008 will be seven percent (7%).
A historical list of the above calculated percentages is attached to this document.
Indiana Department of State Revenue
______________________________
| | |
| | HISTORICAL INTEREST RATE LIST | |
| | | |
| YEAR | OVERPAYMENTS | DELINQUENT PAYMENTS |
| 1989 | 10% | 10% |
| 1990 | 10% | 10% |
| 1991 | 10% | 10% |
| 1992 | 8% | 8% |
| 1993 | 7% | 7% |
| 1994 | 7% | 7% |
| 1995 | 4% | 6% |
| 1996 | 5% | 7% |
| 1997 | 5% | 7% |
| 1998 | 5% | 7% |
| 1999 | 5% | 7% |
| 2000 | 5% | 7% |
| 2001 | 6% | 8% |
| 2002 | 6% | 8% |
| 2003 | 4% | 6% |
| 2004 | 2% | 4% |
| 2005 | 1% | 3% |
| 2006 | 2% | 4% |
| 2007 (Jan.1 to June 30) | 3% | 5% |
| 2007 (July 1 to Dec. 31) | 5% | 5% |
| 2008 | 7% | 7% |
Posted: 10/31/2007 by Legislative Services Agency
DIN: 20071031-IR-045070686NRA
Composed: May 07,2024 8:01:50AM EDT
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