TIP # 03ADM-02
Floating Rate of Interest for Certain Taxes and Fees, Including Corporate Income/Franchise and Emergency Excise Taxes, Increases from 4 to 8 Percent For the Period November 1, 2003, Through December 31, 2003
Interest on Deficiencies that Arose on or after January 1, 2000, and Remain Unpaid Is Recalculated Beginning November 1, 2003, Using Higher Rates Retroactive to the Original Due Date
Florida law provides a floating rate of interest for tax returns and payments of taxes and fees. The floating rate of interest applies to:
The rate applies to the taxes and fees listed in Section 213.05, Florida Statutes, including, but not limited to, the following:
Other taxes and fees to which this provision applies are listed at the end of this document.
Interest Rate Changes
The rate of interest on deficiencies (underpayments), late payments and overpayments for the period November 1, 2003, through December 31, 2003, increases to 8 percent. The daily interest rate factor to be used for this period is .000219178. This rate is subject to change effective January 1, 2004.
Interest Rate Changes on Deficiencies Retroactive
The rates of interest on deficiencies (underpayments) and late payments that remain unpaid as of November 1, 2003, and arose on or after January 1, 2000, increases by as much as 4 percent (rates are subject to a 12 percent cap) for prior periods (see table).
The floating rate of interest for deficiencies (underpayments) and late payments of tax due after December 31, 1999, are:
Note: For returns or payments due on or before December 31, 1999, the interest rate is 12% per annum, except for corporate income and emergency excise taxes (see TIP 03C01-02R for those rates).
The floating rate of interest for overpayments of tax made after December 31, 1999, are:
For examples on calculating underpayments, late payments, or overpayments of tax due, see TIP 99ADM-03.
Additional taxes to which the interest provision applies:
References: Sections 213.235 and 213.255, Florida Statutes (2003); Chapter 2003-395, Laws of Florida (Senate Bill 18A, 2003 Special Session A).
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 Internet site at www.myflorida.com/dor. Or call Taxpayer Services, 8:00 a.m., to 7:00 p.m., ET, Monday through Friday, excluding holidays, at 800-352-3671, or 850-488-6800.
Hearing- or speech-impaired persons should call our TDD at 800-367-8331 or 850-922-1115.
For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer 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.