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
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.
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.
_________________________
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: May 08,2024 5:34:38PM EDT
A
PDF version of this document.
