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DEPARTMENT OF STATE REVENUE

Departmental Notice #3
(Replaces Notice #3 Dated November 2012)
Effective Date: January 1, 2014


SUBJECT: INTEREST RATES FOR CALENDAR YEAR 2014

REFERENCE: IC 6-8.1-10-1

DISCLAIMER: Departmental notices are intended to provide nontechnical assistance to the general public. Every attempt is made to provide information that is consistent with the appropriate statutes, rules, and court decisions. Any information that is not consistent with the law, regulations, or court decisions is not binding on either the department or the taxpayer. Therefore, the information provided herein should serve only as a foundation for further investigation and study of the current law and procedures related to the subject matter covered herein. This document does not meet the definition of a "statement" required to be published in the Indiana Register under IC 4-22-2-7.

SUMMARY
Each year, the Indiana Department of Revenue 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 Jan. 1, 2014.

Pursuant to IC 6-8.1-10-1, 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 percentage points above the average investment yield on state money for the state's fiscal year ending June 30, 2013, 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 2014 will be 3%.

A historical list of the above-calculated percentages is attached to this document.
_________________________
Michael J. Alley
Commissioner
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 (January 1 to June 30)  3%  5% 
2007 (July 1 to December 31)  5%  5% 
2008  7%  7% 
2009  7%  7% 
2010  4%  4% 
2011  9%  9% 
2012  4%  4% 
2013  3%  3% 
2014  3%  3% 

Posted: 11/27/2013 by Legislative Services Agency

DIN: 20131127-IR-045130523NRA
Composed: Dec 20,2014 8:08:53PM EST
A PDF version of this document.