TIP # 01C01-01
Corporate Income Tax and Franchise Tax Interest Rate is 9 Percent
|Periods||Underpayments & Overpayments*|
|1/1/87 - 6/30/88||8 percent|
|7/1/88 - 6/30/89||9 percent|
|7/1/89 - 6/30/90||11 percent|
|7/1/90 - 12/31/91||10 percent|
|1/1/92 - 6/30/92||9 percent|
|7/1/92 - 12/31/92||7 percent|
|1/1/93 - 12/31/94||6 percent|
|1/1/95 - 6/30/95||7 percent|
|7/1/95 - 12/31/95||8 percent|
|1/1/96 - 12/31/96||9 percent|
|1/1/97 - 12/31/97||8 percent|
|1/1/98 - 6/30/99||9 percent|
|7/1/99 - 6/30/00||8 percent|
|7/1/00 - 6/30/01||9 percent|
*Note: For taxable years ending on or after December 31, 1986, no interest is allowed if an overpayment of tax is refunded or credited within three months after the date the taxpayer files a written notice with the Department.
For Taxable Years Ending Before December 31, 1986
For taxable years ending before December 31, 1986, the rates listed below remain constant and in effect for the applicable taxable year until the tax is paid or refunded.
|Effective Date**||Rate on Underpayments||Rate on Overpayments***|
|1/1/72 - 6/27/76||6 percent||6 percent|
|6/28/76 - 12/31/86||12 percent||6 percent|
**Note: An interest rate of 6 percent applies to any amount based on a corporate income tax return required to be filed prior to June 28, 1976. For returns required to be filed after June 27, 1976, for taxable years ending before December 31, 1986, the interest rate of 12 percent applies to underpayments. The 6 percent daily interest rate is .000164384, and the 12 percent daily interest rate is .000328767.
***Note: For taxable years ending before December 31, 1986, no interest is allowed if the overpayment is refunded within nine months after the last date prescribed for filing the return or within nine months after the return was filed, whichever is later.
FOR MORE INFORMATION
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
For forms and other information, visit our site at www.myflorida.com/dor. Or call Tax Information Services, Monday through Friday, 8:00 a.m., to 7:00 p.m., ET, at 800-352-3671 (for Florida residents only), or 850-488-6800
Hearing- or speech- impaired persons should call our TDD at 1-800-367-8331 or 850-922-1115.
For a detailed written response to your questions, write the Florida Department of Revenue, Tax Information Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.
To receive a fax copy of a form, call 850-922-3676 from your fax machine telephone.