Interest Rates
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Annual Certified Interest Rates 1983-2007 |
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Note: Beginning July 1, 2005, estate tax and tangible personal property tax are subject to an interest rate different than for the other taxes. See Table 2 for new interest rate on estate tax and tangible personal property tax. |
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| Table 1 - Certified interest rates for most taxes |
Calendar
Year |
Annual
Rate |
Monthly
Accrual |
2008* |
8.0% |
0.67% |
2007* |
8.0% |
0.67% |
2006* |
6.0% |
0.50% |
2005* |
5.0% |
0.42% |
2004 |
4.0% |
0.33% |
2003 |
6.0% |
0.50% |
2002 |
7.0% |
0.58% |
| 2001 |
9.0% |
0.75% |
| 2000 |
8.0% |
0.67% |
| 1999 |
8.0% |
0.67% |
| 1998 |
9.0% |
0.75% |
| 1997 |
9.0% |
0.75% |
| 1996 |
9.0% |
0.75% |
| 1995 |
9.0% |
0.75% |
| 1994 |
7.0% |
0.58% |
| 1993 |
7.0% |
0.58% |
| 1992 |
10.0% |
0.83% |
| 1991 |
11.0% |
0.92% |
| 1990 |
11.0% |
0.92% |
| 1989 |
11.0% |
0.92% |
| 1988 |
10.0% |
0.83% |
| 1987 |
6.0% |
0.50% |
| 1986 |
8.0% |
0.67% |
| 1985 |
9.0% |
0.75% |
| 1984 |
9.0% |
0.75% |
| 1983 |
10.0% |
0.83% |
*See Table 2 for estate tax and tangible personal property tax interest rates. |
| Table 2: Interest rate applicable only to estate tax and tangible personal property tax |
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Annual
Rate |
Monthly
Accrual |
Calendar Year 2008 |
5.0% |
0.42% |
Calendar Year 2007 |
5.0% |
0.42% |
Calendar Year 2006 |
3.0% |
0.25% |
July - December 2005 |
2.0% |
0.17% |
January - June 2005 |
5.0% |
0.42% |
Interest Rate Formula:
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Tax due x interest rate x number of days late ÷ number of days in year = Interest
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Example: 2004 IT-1040 filed June 21, 2006 with a tax due of $60.00
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$60.00 x 5% x 260 days ÷ 365 = $2.14
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$60.00 x 6% x 172 days ÷ 365= $1.70
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Total Interest = $3.84 |
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